Monday, September 30 2013 18:35
Member of CBA Council: 66% of Armenia's citizens save money and only 6% of them keep their savings in banks
ArmInfo. 66% of Armenia's citizens save money and only 6% of them keep their savings in the banks, Armenak Darbinyan, member of the Council of the Central Bank of Armenia (CBA), said at a press conference on Monday.
Darbinyan explains it by both the low financial awareness of the population and the lack of confidence in financial institutions. He thinks that people have stopped trusting financial institutions since Soviet times when most of the population's savings were lost.
"All financial organizations and the mass media should exert efforts to raise the financial awareness of the population and increase the confidence in the financial system", said Darbinyan. He also stressed the significance of large-scale events and target campaigns.
According to the CBA, as of 1 September 2013, the balance on the population's deposits in Armenian banks was 726.4 bln AMD (25% y-o-y growth, 1% growth in August alone). The share of the population's funds in the total volume of deposits in the banks made up 52% by late August 2013.
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