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

Central Bank raised the rate: what could happen to loans and deposits – and why not right away

The Central Bank of Armenia's increase in the monetary policy rate to 6.75% does not automatically and immediately lead to higher rates on bank loans and deposits.

Acba Bank is a market maker for EBRD bonds in Armenia

Acba Bank will act as a market maker for dram-denominated bonds of the European Bank for Reconstruction and Development (EBRD) on the Armenia Securities Exchange (ASE), ensuring their liquidity in the secondary market, the bank's press service reported.

IDBank, Visa, and Wizz Air Launch New Travel Privileges in Armenia

IDBank is the first in the CIS and Southeastern Europe to introduce the new Visa Wizz Air Platinum co-branded travel card.

Armbanks Weekly Digest: Key Events in the Armenian Financial Market (September 14–20)

This week, Armenia's financial agenda was shaped by changes in monetary policy direction, the cost of bank funding, inflation, and the situation in the foreign exchange market.

Demand and potential economic problems: head of the Central Bank of Armenia named the reason for the rate hike and the conditions for its...

The decision of the Board of the Central Bank of Armenia to raise the refinancing rate was primarily due to excessive demand factors, Central Bank Governor Martin Galstyan stated in response to a question from ARKA news agency.

LATEST NEWS

spot_imgspot_imgspot_img