Show news feed

By Albert Khachatryan

YEREVAN. – As of October 2011, the deposits in Armenia’s commercial banks virtually reached 443.6 billion drams (approx. US$ 1,163,144,825), and this is a 37.2-percent increase in comparison with same time period last year.     

The deposits in the commercial banks are sharply increasing because of the extremely low level of goods’ consumption and the considerable inflation in recent times.  

And we can draw only one conclusion: Unlike the Soviet era, when almost all families had bank deposits, having savings is an incomprehensible luxury for many of today’s families in Armenia. 

In line with research, the Armenian families which receive remittances are able to save only a small portion of those transferred funds. So, we can conclude that those having foreign currency deposits belong to altogether another class. And the volume of deposits in foreign currency is more significant. 

Also, Armenia’s citizens have a fairly stable fondness toward the “green,” and they also prefer the Euro. And this trend compels the banks to also increase the annual interest rates. But the loan interests have reduced.

To note, all these changes already demonstrate a clear trend.

This text available in   Հայերեն and Русский