Armenian banks recorded a significant increase in AMD deposits on background of a moderate increase in foreign exchange

ArmInfo. The volume of deposits  attracted by Armenian banks increased by an annualized rate of 22.7%,  reaching 2.433 trillion AMD by June 1, 2017.

According to the Central Bank, provided by the National Statistical  Service of the Republic of Armenia, in the structure of deposits the  currency component grew by 14.2% to 1.519 trillion AMD a year. AMD -  by 39.9% to 914.3 billion AMD. The share of foreign currency deposits  in the total volume of bank deposits traditionally prevails over the  share of AMD deposits - 62.4% and 37.6%, respectively.

In the banking sector, the proportion of residents was 74.7% or 1.817  trillion AMD (with an annual growth of 17.7%), and not residents -  25.3% or 616.2 billion AMD (with an annual growth of 40.4%).

In the structure of deposits from residents, the share of demand  deposits was 27.7% or 503.5 billion AMD, while the share of term  deposits - 72.3% or 1.3 trillion AMD. Demand deposits increased by  16.6% year- on-year, and time deposits - by 18.1%.

Deposits of the population in Armenian banks by June 2017 amounted to  1.2 trillion AMD, having increased by 16.8% year-on-year.

According to statistical data, average interest rates on AMD deposits  by June 2017 were formed at the level of 8.86%, against 12.20% a year  earlier. (The calculated exchange rate of the AMD to the USD as of  31.05.17 was 482 AMD/USD1).