Tue, 1 July
18.1 C
Yerevan
USD: 384.47 RUB: 4.90 EUR: 450.83 GEL: 141.25 GBP: 526.80

No outflow of funds from Armenia, Union of Banks of Armenia says

YEREVAN, December 9. /ARKA/. There is no outflow of funds from Armenian banks, and the total  bank deposits have grown over 3.5 trillion drams, despite a difficult year and certain fluctuations, Executive Director of the Union of Banks of Armenia Seyran Sargsyan told reporters on Wednesday during a video conference organized by the Club of Economic Journalists.

“In the first three months of 2020, individual bank deposits increased, however, in April, due to the coronavirus pandemic, they sharply decreased and there was a small outflow, but in May and June the overall amount of deposits grew again,” Sargsyan said.

He noted that a certain decrease was registered in August, even before the start of the war in Artsakh, however, over the first ten months of 2020 the total amount of deposits  decreased by only 2%.

“This is  a minor change that is natural in the event of coronavirus crisis and the war. The volume of deposits has remained in the banking system, and we expect that in the near future there will be no significant changes,” Sargsyan said.

He noted that today bank deposits amount to over 3.5 trillion drams, of which about 53%  in foreign currency, and 47% in Armenian drams.

According to him, money transfers through the banks  practically did not undergo serious changes either and  in general there is no outflow of deposits and other funds through the banking system.

According to founder of the School of Banking Management Ashot Osipyan, deposits are growing all over the world, as people cut costs amid uncertainty, preferring to place their money in deposits.

According to him, this is also associated with investment problems during this period.

 “As for Armenia, it is too early to talk about such a trend here, since we are in a waiting period. Therefore, it is necessary to get out of the period of turmoil as quickly as possible in order to ensure development and eliminate negative factors, ”said Osipyan.  ($1 – 515.48 drams). –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.

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.

Armenia to receive EUR 26 million loan from KfW bank for renewable energy development

Armenia will receive a loan and a grant from the German KfW bank for the implementation of the "Renewable Energy and Energy Efficiency Development" program.

Euro falls by 0.62 points to 450.23 drams

The average market exchange rate of the US dollar against the Armenian dram as of June 27, 2025, decreased by 0.59 points compared to June 26 and amounted to 384.32 drams.

Ratio of loans to deposits in commercial banks of Armenia has improved – WB review

In April 2025, deposits and loans of commercial banks of Armenia increased by 1.5% y/y and 0.8% y/y, respectively, slightly improving the ratio of loans to deposits compared to the figures for the previous year.

LATEST NEWS

spot_imgspot_imgspot_img