ArmInfo.According to the assessment of the Central Bank of Armenia, domestic demand continues to remain high due to the growth of private consumption, which was facilitated by the stimulating monetary policy implemented in recent years and, partly, by the injection of significant dram liquidity this year through other macroprudential instruments. This is noted in the message of the Central Bank of the Republic of Armenia regarding the results of 9 months of 2019, when economic activity increased by 7.1% and the services sector and the industrial sector acted as drivers. According to the source, in particular, this year the Central Bank revised the mandatory reserve mechanism three times, making a phased transition to the reservation in foreign currency (instead of dram) of borrowed foreign currency funds. And with each revision, the reserve ratio changed by 2%. As a result, liquidity was freed in the banking system by almost 120 billion drams (about $ 251 million). On the other hand, the Central Bank, in conditions of high offer of foreign currency, bought up foreign currency funds in the amount equivalent to almost 240 billion drams (over $ 502 million). The Central Bank's report also noted that high growth in lending by banks to the economy continued, and especially high growth was observed in consumer and mortgage loans. The Central Bank believes that the impact of fiscal policy on domestic demand in the period under review continues to be restraining, despite a certain budget deficit in the Q3. It should be noted that the Central Bank of Armenia was revising the reserve requirements for borrowed funds in order to strengthen financial stability and provide the prerequisites for creating currency liquidity buffers. In 2019, this standard changed three times. The June change provided for: on attracted dollar funds - 16% reservation in drams and 2% reservation in dollars; on attracted Euro funds - 16% reservation in drams and 2% reservation in euros; on funds attracted in other foreign currencies (including on metal accounts) - 16% reservation in drams and 2% reservation in dollars; and on attracted dram funds - reservation is completely in drams. Later, another change in the norm of obligatory reservation followed - accordingly, for the funds raised in foreign currency, instead of the previous 16% of the reservation in drams, 14% were set, and the previous 2% of the reservation in foreign currency was replaced by 4%. The latest change, dated October 7, lowered these levels by another 2%, i.e. from the previous 14% and 4% to the current 12% and 6%. As for the obligatory reservation for attracted dram funds, it is carried out in drams. For funds raised by banks on their own bonds issued, the required reservation is zero.