YEREVAN. - In the second quarter of 2011, the level of dollarization in Armenia went down by 0.7%, and by 0.5% over last 12 months, says protocol on refinancing issued by the Central Bank of Armenia on Friday.

In particular, a progressive increase was registered in Armenian dram deposits in relation to U.S. dollar: 41.1% and 23.7% respectively.

During the second quarter 2.7% reduction of foreign currency deposits was observed (excluding impact of exchange rate). Credit growth in Armenian dram registered within previous months remained 24% in12-month basis, which, however, is still inferior to the growth of foreign currency lending (40%).

The overall credit growth has declined: 12-month growth made 33.9%, whereas last year the figure was 37%.