YEREVAN, May 19, /ARKA/. Bank VTB Armenia has decided to day to lower interest rates for deposits in foreign currency by 2%. The bank said the decision applies to all deposits, except for individual deposits equivalent to one million Drams.
The bank has also lowered interest rates for all corporate lending products in foreign reserve. According to its press release, the demand for credit products in foreign currency is sluggish, prompted in all likelihood by the lowering rates at global markets and liquidity surplus. The bank predicted also a continued growing demand for credit products in Drams Bank VTB Armenia’s credit portfolio grew by 5% in the first quarter of the year. On March 31 its credit investments totaled 74.7 billion Drams.
Bank VTB Armenia is owned fully by the second largest Russian bank VTB. Bank VTB Armenia has the largest network of branches-68. -0-
