YEREVAN, October 1. / ARKA /. Around 380 billion drams or about 18% of Armenia-based commercial banks’ assets are lent to companies engaged in export and import transactions, deputy chairman of the Central Bank of Armenia Nerses Yeritsyan told reporters today.
He said Armenia needs to develop new tools in the field of trade finance, in particular, leasing and factoring.
He said quite impressive growth was recorded in factoring deals reaching 18 billion drams, ’but there is also a great potential that should be used,” Yeritsyan said.
He also commended the European Bank for Reconstruction and Development for supporting Armenia’s financial system in the development of new products and services.
According to the Central Bank of Armenia, the banking sector’s assets stood at about 3 trillion drams in late July.
Letters of credit amounted to 22.8 billion drams (a growth of 0.8 percent from previous month), bank guarantees stood at 59.2 billion drams (a decline of 4.5 percent), factoring deals were worth 17.5 billion. drams (a growth of 0.52 percent) and leasing transactions stood at 3.9 billion. drams (a 4.6 percent rise). ($ 1 – 407.60 drams). -0—
