In the medium term, the accumulative pension deposits can increase the GDP by 2 percentage points.

Deputy Chairman of the Central Bank of Armenia (CBA), Nerses Yeritsyan, said the aforementioned at the session of the parliamentary Committee on Financial-Credit and Budgetary Affairs.

In medium and long-term, the amounts on the citizens’ accumulative accounts  may reach 20 percent of GDP, becoming serious resource for investments and invigoration of domestic economy.

“Together with foreign investments, a serious resource may emerge for domestic investments,” he said.

By the end of February 2016, the overall assets of the accumulative pension funds constituted 35.5 bln AMD (slightly more than $72 mln) or 0.7 percent of GDP.

Since 1 January 2014, the accumulative pension system has become mandatory in Armenia, but after numerous protests, the Constitutional Court extended its application in the private sector till 1 January 2017. The system has been mandatory for the public sector since 1 June 2014.