Tue, 29 April
13.1 C
Yerevan
USD: 389.46 RUB: 4.73 EUR: 441.92 GEL: 141.70 GBP: 519.38
spot_img

Second wave of crisis in Armenia unlikely, HSBC Bank CEO

YEREVAN, March 5. /ARKA/. Astrid Clifford, Chief Executive Officer of HSBC Bank Armenia CJSC, said today there are some signs of stability in the Armenian market and a second wave of crisis is unlikely. As an argument in support of this forecast she cited economic growth reported by many countries in the first month of 2010.

She noted that HSBC Group’s capital adequacy is 18% and deposits have reached about $1 trillion, which she said are a serious guarantee of securing liquidity in the years to come.

“Regarding Armenia we do not see problems for 2010 because the indicators in January were positive. Armenian economy grew by 2.4% in the first month of the year and it is difficult to make forecasts for the whole year by one month’s figures. Nevertheless we can say with certainty that a certain stabilization trend is seen,’ she said.

In her words, the same trend is seen by the example of the bank’s clients. Thus, the demand of corporate clients for credits, especially in February, grew substantially, which indicates the economic activity.

She recalled that HSBC Group was founded in 1865, surviving many crisis, including two world wars, nevertheless it operates and has been profitable, even in the last two challenging years.

‘This is why our forecasts about the overall situation are quite positive,’ she said. -0-

spot_img

POPULAR

Euro exchange rate down 1 point, while US dollar and ruble up

The average market exchange rate of the U.S. dollar to the Armenian dram on April 25, 2025, rose by 0.77 points compared to April 23 and amounted to AMD 390.33.

Armenia may access $25 mln from the IMF under the SBA agreement in June

An International Monetary Fund (IMF) team led by Iva Petrova visited Yerevan from March 31 to April 10, 2025, to conduct discussions for the fifth review under the Stand-By Arrangement (SBA) with Armenia.

In February, deposits in Armenian banks grew by 1%, loans decreased by 0.1% due to dram funds

In February 2025, deposits in Armenian commercial banks grew by 1% (MoM), while loans decreased by 0.1% (MoM), in both cases the changes were due to funds denominated in drams.

Armenian Banks Contribute AMD 28.3 Billion in Taxes During Q1 2025

In the first quarter of 2025, all 18 commercial banks in Armenia ranked among the top 1,000 taxpayers, collectively contributing AMD 28.3 billion in taxes and duties, as reported by the State Revenue Committee.

Armenia’s international reserves rose to $3.9 billion in March, providing 2.9 months of import coverage – WB

Armenia's international reserves increased to $3.9 billion in March 2025, offering 2.9 months of import coverage, according to the World Bank's Monthly Economic Update for April 2025.

LATEST NEWS

spot_imgspot_imgspot_img