Monday, August 20 2012 19:00
High growth rates of lending to economy sectors retained till late July 2012
ArmInfo. High growth rates of lending to economy sectors were retained till late July 2012 in Armenia - 34.7% versus July 2011, Central Bank of Armenia told ArmInfo.
Dram supply grew 19.3% for the period under review, with the money supply growing 22.1%. Annual growth of dram deposits totaled 24.2%, amid 26% growth of foreign deposits (or 12.1% exclusive of the foreign exchange rate effect). As a result, dollarization grew 3.2%.
According to the Central Bank's forecasts, money supply and dram supply in 2012 will grow 17.6% and 21.1%, respectively. Monetary base will growth 8%. Cash in circulation will increase 13.3%. Dram deposits and foreign deposits will growth 30% and 12.6%, respectively. Consequently, dollarization of economy will fell 4.2%, with monetization level to growth over 10%. Lending to the economy sectors will increase 20.2% (by 270 billion drams). The forecasted growth rates for 2012 will be ensured mainly through mortgage lending and SME finance.
