{"id":63294,"date":"2013-10-07T12:19:39","date_gmt":"2013-10-07T12:19:39","guid":{"rendered":"https:\/\/armbanks.am\/2013\/10\/07\/239489\/"},"modified":"2024-12-15T13:07:24","modified_gmt":"2024-12-15T13:07:24","slug":"chzmachyan-dwindling-flow-of-foreign-investments-into-armenian-banks-drives-deposit-interest-rates-down","status":"publish","type":"post","link":"https:\/\/armbanks.am\/en\/2013\/10\/07\/63294\/","title":{"rendered":"Chzmachyan: Dwindling flow of foreign investments into armenian banks drives deposit interest rates down"},"content":{"rendered":"

YEREVAN, October 7. \/ARKA\/.<\/strong> Samvel Chzmachyan, head of the Union of Banks of Armenia, explains the current upward motion of interest rates on deposits by the dwindling money flow from international financial institutions to Armenian banks.<\/p>\n

In his words, international financial organizations that traditionally invested money into Armenia\u2019s banking sector have lost billions of dollars because of a new recession in Europe. As a result, Armenian banks have their outside financing reduced.<\/p>\n

\u201cEverything is interrelated, and we all depend on each other,\u201d he said. \u201cHowever, some signs of recovery are already seen in Europe\u2019s economy, and I think they will impact also things in Armenia.\u201d<\/p>\n

Chzmachyan said when things in Europe improve, Armenian banks will get an opportunity to attract cheaper financial resources and deposit interest rates will go down.<\/p>\n

Armenia ranks fifth among CIS countries for investments attracted from international development banks \u2013 the Asian Development Bank, the Eurasian Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the International Finance Corporation, the Black Sea Trade and Development Bank. Their investments in Armenia total $81.1 million.<\/p>\n

An average deposit interest rate in Armenia rose from 8.9% in August 2012 to 9.3% in August 2013.
\nIn late July 2013, an average interest rate on individual deposits in drams was 12.9% and on individual deposits in foreign currencies 8% against 12.4% and 8% respectively in July 2012. -0—<\/p>\n","protected":false},"excerpt":{"rendered":"

Samvel Chzmachyan, head of the Union of Banks of Armenia, explains the current upward motion of interest rates on deposits by the dwindling money flow from international financial institutions to Armenian banks<\/p>\n","protected":false},"author":1,"featured_media":156954,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","tstyn_error":""},"categories":[9214,9216],"tags":[15837,12163,15872,524],"class_list":["post-63294","post","type-post","status-publish","format-standard","has-post-thumbnail","category-banks-en-en","category-news","tag-armenia-2","tag-banks","tag-deposit-2","tag-524"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t