Monday, February 24 2014 18:11

Rate of dollarization in Armenia drops due to shrinking foreign exchange savings and swelling AMD cash


ArmInfo. In Q4 2013 the rate of dollarization in Armenia dropped by 2.7% to 44.9%. As compared with Dec 2012 the index dropped by 0.1%.

The drop was due to shrinking foreign exchange savings and growing AMD cash. The share of foreign exchange personal deposits dropped by 3.2% in Q4 2013 and by 3.3% as compared with Dec 2012 to 59.7%, The share of foreign exchange call deposits in the personal call deposit portfolio dropped by 2.5% in Q4 2013 and by 4.2% in Dec 2012 to 47.7%, while the share of time deposits in the foreign exchange personal deposit portfolio dropped by 1.1% and 2.2%, respectively, to 71.2%. In Q4 2013 AMD cash outside the banking system grew by 8.2% to 384.5bln AMD (24.9% of money supply). As compared with Dec 2012 the index grew by 11.7%.

In Q4 2013 the share of AMD deposits grew by 14.6% to 480.1bln AMD (29.8%), while the share of foreign exchange deposits grew by 10.1% to 1.132tln AMD (70.2%). As compared with Dec 2012 the indices grew by 31% and 33.9%, respectively.

The share of foreign exchange loans in the business loan book dropped by 1.1% in Q4 2013 and by 2.4% as compared with Dec 2012 to 61.4% or 941bln AMD, while the share of AMD loans grew by 7% and 19%, respectively, to 38.6% or 312.6bln AMD.

On Apr 16 2013 the Central Bank of Armenia decided to reduce the obligatory AMD reserve rate from 8% to 4% with a view to boost AMD lending and to dedollarize the economy.
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