ArmInfo. The deposits of the banking system of Armenia for the first quarter decreased by 1% or by 42 billion drams, amounting to 3.98 trillion drams. Executive director of the Union of Banks of Armenia (UBA) Seyran Sargsyan announced this during a press conference on May 13, while noting that in y-o-y terms, deposits increased by 7.6% or 281 billion drams.
The quarterly decline, he said, was due to the reduction in non-resident deposits by almost 55 billion or 6.3%, which amounted to 825 billion drams. In y-o-y terms, this indicator also decreased - by 9.1% or 83 billion drams. Sargsyan said that such a trend was expected due to the high volatility of the exchange rate and the current geopolitical situation. "Naturally, in such conditions, a certain part of the funds is returned to the source countries," he noted.
And the deposits of residents, the volume of which reaches 3.1 trillion drams, increased by 13% year-on- year, maintaining growth for the quarter - by 0.4%. The head of the UBA also noted that over the last 2 quarters, the dram and currency components have become equal in the deposit portfolio. "I would like to draw attention to the correct behavior of clients who save their funds on deposits in various currencies in the face of high exchange rate volatility and uncertainty," he said.
