YEREVAN. - Dollarization has shown an annual decline of 9.6% in Armenia, says a protocol on the refinancing rate released by the Central Bank of Armenia (CBA).

In January-March, 2010, foreign currency deposits showed higher-rate increase than Armenian dram (AMD) deposits, AMD deposits showed an annual increase of 40% against 1.2% increase in US Dollar deposits. This is the main reason for the decline in dollarization.

A 22.8% annual increase in AMD supply was registered in Armenia, which is much higher than increase in the US Dollar supply. It can be viewed as a sign of de-dollarization.