Friday, September 9 2011 16:55

Gold Standard deposit from Areximbank-Gazprombank Group to save money funds from currency risks


ArmInfo. The Golden Standard deposit from Areximbank-Gazprombank Group will save the money funds from currency risks. The press service of the bank told ArmInfo that the customer can open a deposit linking the amount of the deposit to the gold price, hereby reducing the risk of influence of the exchange rate fluctuations and obtaining revenues from the gold price growth. The Golden Standard deposit is accepted with due regard for the 999 gold fineness only.

According to the source, the deposit is accepted in US dollars only. The interest is paid upon completion of the deposit agreement. The deposits are accepted for 365 or 730 days, and the minimal amount is fixed at 5000 USD.

According to the balance sheet data, of 1 July 2011, the portfolio of the Bank's time deposits amounted to 16 bln AMD, having increased by 22% over the first half of 2011. The share of deposits of individuals is 72.7% or 11.6 bln AMD (19.6% semiannual growth).

To note, Areximbank-GPB Group has been operating in the Armenian financial market since 1998. It is the subsidiary of Gazprombank (Russia).
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