By Albert Khachatryan

YEREVAN. – According to the Armenian Statistical Service recent report, by the end of February 2011 Armenian commercial banks had issued AMD 996.3 billion credits to residents - a 1.7% increase as compared with the end of January 2011.

At the same time, the amount of credits issued in foreign currency exceeded those issued in national currency (AMD): a 103.9 % against a 101.7%. At the same time, the share of foreign exchange credits in the total amount of credits issued to residents is much larger than that of AMD credits. By the end of February, the share of foreign-exchange credits had reached 57.3%, with that of AMD credits being 42.7%.

Most of the AMD credits were issued to households - 60.3%. Private organizations’ share in the total amount of AMD credits is 34.5%. However, regarding foreign-exchange credits, quite the opposite can be observed: private organizations` share is 69.9%, that of households being 22.5%.

Private organizations prefer foreign-exchange credits for their foreign trade operations. On the other hand, one can only guess at the purposes households borrow foreign-exchange credits for. Citizens may use them for their commercial trips abroad.

By the end of February 2011, the balance on deposits at commercial banks had exceeded AMD 718.9 billion.

By the end of February 2010, Armenian commercial banks had issued credits totaling AMD 996.2 billion to residents and nonresidents.