YEREVAN. – The assets of Armenia's financial system have increased by around 16 percent last year, Mr Andranik Grigoryan, head of Financial System Stability and Development Department of the Central Bank of Armenia said at the media conference on Tuesday.

The loan portfolio rose by about 21% over a year, while asset-to-GDP ratio reached the level of 75%.

Interest rate spread continues falling due to competition and efficiency of the financial system, Grigoryan said. 

The data presented in the analytical section of the report on implementation of the 2014 budget shows that the difference between interest rates on deposits and loans for up to one year in AMD totaled 5.98%.

Foreign currency loans in the total portfolio amount to 70-72%, and overall this figure has not changed over the recent years, said the representative of the Central Bank. However, in 2014, portfolio of foreign currency deposits was growing faster as compared to loans.