YEREVAN, December 29. /ARKA/.The current financial system assets to GDP ratio is 83% in Armenia and the loans to GDP is 50%, higher than in other countries of the region, the head of the country’s central bank Artur Javadyan said at the New Year reception on Friday.
Increases in these ratios, by 6 and 8 percentage points respectively, the trend for integration in the real and financial sectors was maintained throughout the year, Javadyan said as cited by the press office of the regulator.
According to the central bank, assets of Armenia’s banking system accounted for 69% and loans accounted for 42.1% of the country’s GDP.
In general, 2014 was a year of achievements, it was full of challenges though, according to Javadyan.
The trend for dynamic and sustainable growth in the financial system was maintained, having contributed to promotion of economic growth in the country, the head of the central bank said.
According to the most recent data, assets of Armenia’s commercial banks amounted to about 2,956.1 billion drams in nine months (0.6% growth from the beginning of the year); liabilities were 2,456.8bln drams (0.5% decline), loan investments 1,901.9bln drams (6.6% growth), total capital 499.3bln drams (6.45% growth) and net profit was 28.2 billion drams (20.1% decline). ($1 – 461.58 drams). -0-
