YEREVAN, April 6. /ARKA/. Interest rates on deposits in USD offered by Armenia-based commercial banks are significantly lower than the rates on deposits in the national currency, the dram. According to the Central Bank, the average rate on deposits in USD placed for a period of up to 12 months in February 2018 was 2.7%, while the rate on deposits in drams was 8.73%.
Incidentally, deposits in USD account for 55% (the equivalent of 1 161.8 trillion drams) of all deposits in all Armenian banks. After analyzing the market the ARKA news agency compiled the ranking of local banks offering the highest interest rates on deposits in USD and drams.
The news agency examined individual USD deposits with the highest interest rate placed for 12 months. The amount of the deposit, the interest payment schedule and the possibility of replenishment of the deposit were not taken into account. Neither were taken into account special offers on deposits.
The top five banks with the most attractive rates for AMD deposits were Artsakhbank, Anelik Bank, Unibank, Evocabank and Conversbank.
The highest interest rates on deposits in USD were 4.75%, offered by Anelik Bank and Artsakhbank.
Unibank offers 4.7% interest rate, Evocabank -4.5% rate. The lowest interest rate on dollar deposits was offered by VTB Bank (Armenia) and Mellat Bank – 1.75%. -0-
