ArmInfo. The growth of the deposit base of commercial banks in Armenia is accompanied by a marked increase in AMD investments and a decrease in the level of dollarization.
The head of the department of stability and development of the financial system of the Central Bank of Armenia Andranik Grigoryan said this at a press conference on December 18.According to him, this suggests that people are beginning to trust the national currency more and more, to keep savings in it. In particular, the expert noted, many depositors, having calculated, came to the conclusion that in the long term, in the context of 10 years, despite the shocks that occurred in the foreign exchange market, the storage of savings in drams turned out to be a profitable solution.
Grigoryan noted that this year, as of the end of October, there was an increase in both dram and foreign currency investments. At the same time, the representative of the Central Bank stressed that the upward dynamics of AMD deposits exceeds the growth rate of foreign currency deposits.
At the same time, he added that there is no serious outflow of capital due to political events in the country, from the Armenian financial system. Moreover, the head of the department stressed that the very use of the term "capital outflow" is incorrect. He explained that the cash outflow is not associated with private transfers, this concept should be linked to business processes. According to the data of the Central Bank, this year, on the contrary, in the financial system more significant capital gains were recorded than on the results of previous years. According to the Statistical Committee, dram bank deposits by November 2018 increased by 17% to 1.1 trillion. drams, with currency growth by 9.9% to 1.7 trillion. drams The share of AMD deposits in the total structure of deposits increased from 37.6% to 39.1%, the share of foreign currency deposits decreased from 62.4% to 60.9%.According to estimates by financial analysts of ArmInfo, a significant increase in the deposit base of banks in national currency in the current year was largely due to an increase in investments in bank deposits from two private pension funds operating in the country as part of the mandatory funded pension system.