Thu, 31 July
32.1 C
Yerevan
USD: 383.84 RUB: 4.70 EUR: 442.91 GEL: 141.90 GBP: 512.96

Astrid Clifford

Armbanks website visitor’s enquiry

What impact will sharp dram devaluation cause on quality and volume of bank deposits in Armenia?

Astrid Clifford, HSBC Bank Armenia Chief Executive Officer, answers the question.

Actually we can expect  currency fluctuations to result in transferring some part of dram deposits into dollar ones, she clarified.

However, this thing, according to her, hasn’t been set in motion yet and no significant changes have been reported.

The proportions between dollar and dram deposits in the banking system remained unchanged, and in general, we don’t project any significant changes, Clifford resumed.

Within the period from May 11 to June 12 the Armenian national currency has devaluated against the U.S. dollar by 20.20 p.p.  or 5.1% (from 393.41 to 413.61 drams per $1). The maximum high rate of the USD against AMD was recorded at 413.61 drams per $1.

At the same time the Armenian Central Bank’s data shows that dram deposits made up 31.70% of all deposit portfolio of Armenian banking system in April against 31.74% in March of this year.

spot_img

POPULAR

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Fitch expects inflation in Armenia to remain within the target level until 2027

International rating agency Fitch expects inflation in Armenia to remain within the target level until 2027, although soft fiscal policy and the projected moderate weakening of the dram create certain risks.

Ranking of most profitable banks in Armenia based on results of first quarter of 2025

ARKA news agency publishes the ranking of the most profitable commercial banks in Armenia based on the results of the first quarter of 2025.

Fitch forecasts Armenia to tighten fiscal policy after 2027

Fitch Ratings analysts forecast a tightening of fiscal policy by the republic's authorities in a new report on Armenia.

Arka news agency’s ranking of most profitable Armenian banks in 2019

In 2019, Armenia-based commercial banks earned a total of 78.8 billion drams in net profit, up from 56.4 billion drams they had earned in 2018, according to ARKA news agency's ranking of the most profitable commercial banks in the fourth quarter of 2019

LATEST NEWS

spot_imgspot_imgspot_img