In Q1 2015 Fall in Foreign Currency Attraction Causing Armenian Bank Deposits Down 2.6%

In Q1 2015 the volume of deposits lured by Armenian banks decreased by 2.6% with a 3.8% y-o-y growth totaling 1.711 trillion AMD as of April 1, 2015 

 

By data of the National Statistical Service of Armenia, the quarterly fall is conditioned by the reduction in 4.9% foreign-currency-deposits. The share of foreign-exchange deposits in total was 69.9% or 1.197 trillion AMD (with 2.6% y-o-y growth). The share of deposits in drams was 3% up with 6.8% y-o-y growth - totaling 30.1% of total or 514.2 bln AMD as of March-end. 

 

According to the source, the share of deposits of non-residents in total was 23.1% or 395 bln AMD. In Q1 this index reduced by 9.8% with 12.9% y-o-y decrease. The share of deposits of residents made up 

76.9% or 1.316 trillion AMD with a 0.3% quarterly fall and 10.2% y-o-y growth.  The share of call deposits of residents made up 28.3% or 372 bln AMD; the share of time deposits - 71.4% or 944.3 bln AMD. 

In the reposted period call deposits decreased by 4.5% with a 6.2% y-o-y growth. Growth rates of time deposits is as follows - 1.5% quarterly and 11.9% y-o-y.  

 

In the same period residential deposits totaled 881.9 bln AMD with a 1.4% quarterly fall and 9.1% y-o-y growth. 

 

By the data of Central Bank RA, interest rates on deposits in terms of Armenian dram in Q1 made 15.21% up by 4.26 percentage points with a 8.34 pp y-o-y growth (The exchange rate for Mar 31 2015 was 471,13 AMD/1 USD).