Central Bank: dollarization in Armenia believed to abate this year

YEREVAN, February 14. /ARKA/. The Central Bank of Armenia says in its monetary policy program for the first quarter of this year that dollarization in the country’s money stock is expected to subside 4.2% in 2012.

The regulator says that to tame down dollarization it plans to increase cash on hand by 13.3% and deposits in national currency by 30%, while deposits in foreign currencies will be enlarged by 12.6%.

It means the ratio of the country’s dram base to GDP will rise 10%.

The central bank also says that money and dram stock will grow 17.6% and 21.1% respectively, and monetary base will grow 8%.
According to National Statistical Service of Armenia, the country’s monetary base grew 13.6% or by AMD 80.2 billion in December 2011, compared to the previous month, to AMD 671.3 billion.

Money stock grew 5.2% or by AMD 55.8 billion in December 2011, compared with November, to AMD 1127 billion. ($1 – AMD 388.62).-0—

spot_img

POPULAR

The Power of One Dram and the Armenian State Symphony Orchestra Conclude the Forest Project Launched in Shirak

The Power of One Dram, My Forest Armenia, and the Armenian State Symphony Orchestra have concluded the Symphonic Forest project, launched in Shirak with the goal of planting 20,000 trees.

Armbanks Weekly Digest: Key Events in the Armenian Financial Market (June 29 – July 5)

The week in the Armenian financial market was dominated by regulatory and institutional adjustments.

Fabrizio Zarcone Takes on Expanded Role as World Bank Group Country Manager for Armenia

Effective today, Fabrizio Zarcone becomes the World Bank Group Country Manager for Armenia, unifying country-level leadership across the institution to better support Armenia's public and private sector needs.

Renshin and GTB are uniting around the Cascade project

The memorandum of strategic cooperation signed between Renshin and GTB Development sets a new benchmark in Armenia's urban development and investment landscape.

EBRD to Launch AMD 5 Billion Floating-Rate Bond Offering in Armenia

The European Bank for Reconstruction and Development (EBRD) is set to launch a new AMD 5 billion floating-rate bond issuance in the Armenian capital market, reaffirming its commitment to supporting the development of local currency financing and deepening Armenia’s financial markets.

LATEST NEWS

spot_imgspot_imgspot_img