There is a serious demand for credit products in Armenia – Central Bank head

YEREVAN, November 1. /ARKA/. In late September 2023 the amount of consumer loans provided to citizens was up almost 19% from late December 2022, said the head of the Central Bank of Armenia Martin Galstyan on Tuesday.

Galstyan described the rise as ‘a fairly healthy indicator’ saying the growth is being driven by the income growth in a number of sectors of  the Armenia’s economy.

“If we compare the figures with last year, when a substantial part of the revenues of the financial system and the banking sector came from services provided to non-residents, this year we see quite a serious demand for credit products and  opportunities for the banks to earn more profit,’ he said.

Galstyan also said residents’ deposits at the end of September increased by 0.7% on a monthly basis.

‘Foreign currency demand deposits of legal entities increased by 4.9%, and term deposits by 3.7%. Foreign currency demand deposits of individuals increased by 4.7%, while term foreign currency deposits decreased by 0.8%. Thus, there is no trend that would indicate withdrawal of foreign currency deposits,” he said at a press conference on Tuesday.

Galstyan also said that the growth of total deposits of residents compared to the same period last year at a fixed exchange rate was 25.2%, while non-residents – 16.8%. 

The Central Bank head also noted that nothing threatens the stability of Armenia’s financial system at the moment.

“The Central Bank together with colleagues from the government, banks and the National Assembly should discuss a reasonable and best solution to the created situation,” he said when asked how the issue of  Nagorno-Karabakh  government’s debt to Armenia’s banks will be resolved. According to Galstyan, no final discussions have taken place so far.

After the large-scale aggression of the Azerbaijani armed forces on September 19, Nagorno-Karabakh authorities accepted the proposal of the command of the Russian peacekeeping contingent for a ceasefire.

Fearing persecutions more than 100,000 Nagorno-Karabakh residents left their homes and moved to Armenia.

Nagorno-Karabakh president signed a decree to dissolve all state institutions and organizations under their subordination before January 1, 2024. By that time the Nagorno-Karabakh Republic is to cease to exist. -0-

spot_img

POPULAR

Exchange rates of the euro, ruble, and dollar against the Armenian dram have risen – Central Bank of Armenia data

he average market exchange rate of the US dollar against the Armenian dram, established on Armenia's currency market, rose by 0.14 points on September 25 compared to September 24, reaching 363.52 drams.

Exchange rates of the euro, ruble, and dollar against the Armenian dram have fallen – Central Bank of Armenia data

The average market exchange rate of the US dollar against the Armenian dram, established on Armenia's currency market, fell by 0.18 points to 363.34 drams on September 28, compared to September 25.

Armbanks Weekly Digest: Key Events in Armenia’s Financial Market (September 21–27)

Armenia’s financial agenda this week centered on developing regulatory cooperation, digitizing currency transactions, and expanding capital market instruments.

Armenian Government Approves 2027 State Budget Draft

At its meeting on Thursday, the Armenian government approved the draft law "On the State Budget of the Republic of Armenia for 2027," which will be submitted to the National Assembly in accordance with established procedure.

Central Bank of Armenia and IMF Discuss Macroeconomic Situation and Financial System Reforms

A concluding meeting took place at the Central Bank of Armenia with an IMF delegation led by Mark Horton, the IMF mission chief for Armenia.

LATEST NEWS

spot_imgspot_imgspot_img