Over past 10 years personal deposits in Armenian banks grew 10-fold, with number of depositors growing 6-fold

"The increase in the threshold of the guaranteed personal deposits to 10 million drams for AMD deposits and to 5 million drams for USD deposits will have a positive effect on the banking system of Armenia, because the depositors will more willingly keep their savings in the banks. Moreover, now they will be able to trust bigger amounts to the banks," said Harutyunyan.   

 

For his part, Deputy Chairman of the Union of Banks of Armenia Seyran Sargsyan assured the ArmInfo correspondent that the increase in the threshold of the guaranteed deposits contains risks for neither individuals nor financial structures. "It only demonstrates that today the Fund has an opportunity to provide such guarantees. In addition, it will also enhance the confidence in the banks and will encourage people to deposit more. Earlier the depositors kept big savings in several banks simultaneously.  Now they can keep their money in one or two "banking wallets", which will considerably facilitate the process of savings management for the depositors," he said.