Mon, 7 April
11.1 C
Yerevan
USD: 391.22 RUB: 4.63 EUR: 431.28 GEL: 142.08 GBP: 508.39
spot_img

Amount of government-insured private deposits in Armenia’s banks increased 2.5 times

YEREVAN, October 26. /ARKA/. On Monday, the Armenian National Assembly passed at the final reading a law that raises the amount of government-insured private deposits in Armenia’s banks about 2.5 times to AMD 10 million against the present 4 million for dram deposits and AMD 5 million against the current 2 million for deposits in foreign currencies.

The following scheme is designed for dram and foreign currency deposits: if a dram deposit exceeds AMD 5 million, only the mentioned amount will be insured, if a dram deposit is less than AMD 5 million, it will be fully insured plus a part of a foreign currency deposit, i.e. difference between the dram deposit and AMD 5 million.

The law comes into force in ten days after its official publication.
The Central Bank of Armenia says the increase of the amount of government-insured private deposits 2.5 times will allow insuring 95% of Armenian depositors’ deposits.

Taking into account developments in Armenia’s banking sector throughout last five or six years, when large amounts were lent and deposited, the regulator is convinced that this legislative step was necessary and demanded.

It also should be mentioned that the size of the bulk of deposits in Armenia is close to the insured amount.
The central bank says this legislative change will make it possible to insure 40% of the amounts deposited by individuals against the present 25-27%.

According to the National Statistical Service of Armenia, deposits of Armenian residents in the country’s banks totaled AMD 1 422.1 billion in August 2015 (0.8% month-on-month decline). Their deposits in drams amounted to AMD 497.5 billion (3% decline) and deposits in foreign currencies AMD 924.5 billion (0.4% growth). ($1 – AMD 469.79). —-0—–

spot_img

POPULAR

Armenia’s public debt increased by 6.2% at the end of 2024 – Finance Ministry

Armenia's public debt at the end of 2024 increased by 6.2% compared to the same period in 2023, reaching about 5 trillion drams, said Armenian Finance Minister Vahe Hovhannisyan.

Fitch: Armenia plans to issue Eurobonds in the first quarter of 2025

Armenian authorities are planning to issue Eurobonds in the first quarter of 2025 to repay a $313 million Eurobond maturing in March 2025, Fitch Ratings said in a report.

Armenian banks’ profits should be invested into various sectors- UBA head

Accumulated profits and funds of the banks should be directed to investments, said Daniel Azatyan, Chairman of the Union of Banks of Armenia (UBA), in response to a question from ARKA news agency about forecasts for 2025 and the readiness of banks to contribute to the capital market development.

Average interest rate on deposits slips 0.3 points to 8.5% in November 2012

Average interest rate on deposits slid 0.3 percentage points in November 2012, compared with the previous month, to 8.5%

 Inflation of 2.5% registered in Armenia in February

In February of this year, the 12-month inflation in Armenia's consumer market was 2.5%, according to a report by the National Statistical Committee (NSC) of Armenia.

LATEST NEWS

spot_imgspot_imgspot_img