The banking system of Armenia, even during the crisis, attracted by 2.8% or AMD 98.3 billion more deposits.
Such an increase may seem incomprehensible, but it is logical, because during a crisis, people and businesses prefer to postpone their purchases, investments, due to economic and political risks, and also expecting that a possible fall in commodity prices, for example. Consequently, many people who have money place their money in banks as short-term deposits, postponing transactions and reducing the risk of losing money.
As of the end of 2020, the three banks with the largest number of attracted deposits were Armbusinessbank (603.6 billion AMD), Ameriabank (598.9 billion AMD) and Ardshinbank (339.7 billion AMD).
Usually people and organizations invest their money in a bank that provides high interest rates and / or is highly reliable and stable.
During 2020, ACBA-Credit Agricole Bank increased the volume of deposits the most. Compared to last year, he attracted 16.6% or 42.2 billion drams more deposits, while the interest rates on his deposits are not the highest in the financial market. In second place is Aybusinessbank, which in 2020 increased the number of deposit agreements by 31.4 billion, which is explained by the fact that this bank mainly attracts deposits with high interest rates. In the matter of attracting deposits, Inecobank, Evocabank, VTB and others were also active.
From the officially published data, it can be assumed that some banks have revised their policy of attracting deposits, reducing their volume and at the same time increasing their own capital. That is, they preferred to attract more investment.