Sun, 6 April
9.1 C
Yerevan
USD: 391.22 RUB: 4.63 EUR: 431.28 GEL: 142.08 GBP: 508.39
spot_img

Ratio of Armenia’s financial system’s assets to GDP in 2013 was 77.1, report

YEREVAN, June 16. / ARKA /. The ratio of Armenia’s financial system’s assets to GDP in 2013 was 77.1%, increasing by 8.5 percentage points from the previous year, according to the annual report of the Central Bank on the country’s financial system, development and supervision.

“In 2013 Armenia’s financial system demonstrated sufficient activity ensuring a faster growth rate of key  balance sheet  ratios to nominal GDP level”, the report says.

However, despite the rapid growth of financial intermediation in recent years, its current level is still significantly lower when compared to some countries of Eastern Europe, according to the report.

The largest players in the financial system market are still the banks, which account for 89.5% of total assets of the financial system. The strengthening competition brought down lending rates and spreads, the report says.

The share of credit organizations’ assets in the financial system of the country was 6.4%, insurance companies accounted for 1.5%, investment companies for 0.8% and other financial organizations for 1.8%.

Armenia has 21 commercial banks,  33 credit organizations, 9 licensed insurance and 8 investment companies. -0-

spot_img

POPULAR

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

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

Ranking of Armenia’s most profitable banks in 2024

ARKA news agency has released a ranking of the most profitable commercial banks in Armenia in 2024.

S&P reaffirms Armenia’s sovereign credit ratings with stable outlook

On August 23, international credit rating agency S&P Global Ratings reaffirmed Armenia's long-term and short-term sovereign credit ratings in both foreign and local currency at "BB-/B." The agency also maintained its "stable" outlook for the country.

LATEST NEWS

spot_imgspot_imgspot_img