Monday, October 15 2012 19:35
Armenia's credit companies reduce agricultural lending
ArmInfo. In Jan-Aug 2012 Armenia's credit companies lent residents a total of 142.9bln AMD or $341.9mln – 1.3% growth in Aug 2012 and 54.7% growth as compared with Aug 2011.
The Central Bank of Armenia reports that 65.9% of the loans were in AMD loans, 34.1% in foreign exchange. The financial sector received 29% of the loans (41.446bln AMD or $99.151mln), agriculture 18.7% (26.704bln AMD or $63.886mln), trade 13% (18.565bln AMD or $44.4mln).
As of Sept 1 2012 the financial sector received 2.6% more than Aug 1 2012 and 63.4% more than Sept 1 2011. 80.3% of the loans were in AMD.
Agriculture received 2% less than in July 2012 and 41.9% more than in Aug 2011. 87.9% of the loans were in AMD. Trade received 0.8% more than in July 2012 and 34.9% more than in Aug 2011. Retail trade received 79% of all loans given to trade, wholesale trade 19.3%.
Mortgage lending grew by 2.5% in Aug 2012 and by 40.3% as compared with Aug 2011 to 16.3bln AMD or $38.9mln. 64% of the loans were in AMD. Consumer loans totaled 12.201bln AMD or $29.2mln (+4.8% and +86%, respectively).
Processing industry received 7.802bln AMD or $8.7mln, construction 5.517bln AMD or $13.2mln.
There are 32 credit companies in Armenia (28 universal credit companies, 3 leasing companies and 1 credit union).
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