Mon, 28 July
27.1 C
Yerevan
USD: 383.94 RUB: 4.85 EUR: 450.25 GEL: 141.78 GBP: 516.63

Armenia’s banking system dominates the financial system’s asset structure with a share of 83% and an indicator of 11 trillion drams – head of the Central Bank

YEREVAN, June 11. /ARKA/. The assets of the banking system continue to make up the overwhelming majority of the financial system’s assets – about 83%, or about 11 trillion drams, said the head of the Central Bank of the republic Martin Galstyan, presenting a report on financial stability for the past year.

According to the report, the assets of the banking sector in 2024 increased by 20.2%, the average annual growth over 5 years was 13.6%.

“In 2024, asset growth was recorded in all sectors of our financial system. The financial system in Armenia ensured the continuity of financial intermediation, guaranteeing the uninterrupted provision of financial services to the population and all business entities,” Galstyan said.

According to the head of the Central Bank, the report also includes indicators of investment companies, which are quite impressive.

According to the report, the assets of investment companies showed an annual growth of 57.1% in 2024, their share in the structure of the financial system is 1.9%, the average annual growth over 5 years is 31.2%.

The report also notes that the assets of credit institutions grew by 6.8% in 2024 (share – 5.8%, average annual growth over 5 years – 1.5%), the assets of insurance companies showed an annual growth of 9.7% (share – 0.7%, average annual growth over 5 years – 7.8%), and the growth of pension fund assets amounted to 34.9% (share – 8.1%, average annual growth over 5 years – 33.8%). The remaining financial organizations account for 0.9%. ($1 – 383.54 drams) -0-

spot_img

POPULAR

Fitch expects inflation in Armenia to remain within the target level until 2027

International rating agency Fitch expects inflation in Armenia to remain within the target level until 2027, although soft fiscal policy and the projected moderate weakening of the dram create certain risks.

Fitch forecasts Armenia to tighten fiscal policy after 2027

Fitch Ratings analysts forecast a tightening of fiscal policy by the republic's authorities in a new report on Armenia.

A scheme for stealing funds through fake investment platforms  exposed in Yerevan

A criminal group operating in one of the capital's business centers and stealing citizens' money through Internet calls has been exposed in Armenia, the Investigative Committee of Armenia reports.

Armenia’s economy to stabilize on 5.5% growth trajectory in 2025 – EDB forecast

According to EDB forecasts, Armenia's economy will stabilize on a 5.5% growth trajectory with domestic demand remaining the main driver of development.

Ranking of most profitable banks in Armenia based on results of first quarter of 2025

ARKA news agency publishes the ranking of the most profitable commercial banks in Armenia based on the results of the first quarter of 2025.

LATEST NEWS

spot_imgspot_imgspot_img