Mon, 30 June
26.1 C
Yerevan
USD: 384.32 RUB: 4.89 EUR: 450.23 GEL: 141.11 GBP: 527.56

No capital flight from Armenia, central bank chairman says

YEREVAN, October 1. /ARKA/. There is no capital flight from Armenia, while the amount of bank deposits increased by 100 billion drams, chairman of the Central Bank Artur Javadyan told journalists on Sunday.

He said at the beginning of the year, a 7% year-on-year rise in capital inflow was registered. A significant capital flight was in the early days of the “velvet revolution” only, but it quickly recovered.

“Today, the deposits in Armenian banks, both individual and corporate, have increased. We did not have a major capital flight. It was seasonal and lasted for several days only,” Javadyan said.

At the same time, he noted that the influx of capital is now even higher than it was. He stressed that the volume of deposits was 2.5 trillion drams before the velvet revolution, and now it has increased by 100 billion drams.

According to the Central Bank, deposits in Armenian banks at the end of August 2018 stood at 2. 730.9 trillion drams, having increased by 1.1% from the previous month.

Javadyan also said the financial system of the country is now in the most favorable situation in comparison with other countries of the region, as evidenced by the latest indicators of financial stability, which is 97%.

“According to the estimates of the World Bank and the IMF, in 2005-2006 the financial stability of Armenia was 65%, in 2012 it grew to 91%, then this year it has reached 97%,” Javadyan said.
He stressed that the Central Bank regularly raises the requirements for the financial system in order to bring it in line with the requirements of Basel-3. -0-

spot_img

POPULAR

US dollar exchange rate unchanged, euro and ruble rise

The average market exchange rate of the U.S. dollar to the Armenian dram on March 7, 2025, remained at 394.58 drams, unchanged compared to March 6.

ADB forecasts inflation in Armenia at 3% in 2025 and 2.8% in 2026

The Asian Development Bank (ADB) forecasts inflation in Armenia at 3% in 2025, said Don Lambert, Director of the Bank’s Resident Mission in Armenia.

Central Bank of Armenia considering introducing long-term mechanisms for insurance against fraud

The Central Bank of Armenia is considering the possibility of introducing mechanisms for insurance against fraud.

Armenian banks  in 2024 increased profit by 61% to 363 billion drams – UBA

Armenia-based banks made a profit of 363 billion drams in 2024, an increase of about 137 billion drams, or 61%, compared to 2023,  Daniel Azatyan, the head of the Union of Banks of Armenia (UBA) told a press conference today.

Central Bank invalidated banking license of Ardshininvestbank due to its merger with Ardshinbank

The Board of the Central Bank of Armenia has revoked the banking license of Ardshininvestbank CJSC (formerly HSBC Bank Armenia CJSC) following its merger with Ardshinbank CJSC.

LATEST NEWS

spot_imgspot_imgspot_img