YEREVAN, September 6. /ARKA/. External debt of commercial banks and credit organizations of Armenia in the 2^nd quarter of 2011 was $705.5 million vs. $619.5 million at the end of the 1^st quarter increased by 13.8%.

According to the “Bulletin of Central Bank of Armenia” for the second quarter of 2011, during the second quarter, commercial banks and credit organizations attracted external borrowings in the amount of $469 million. In the reporting period commercial banks and credit organizations directed $385.9 million for the service of external debt.

At the end of the second quarter the main creditor-countries of commercial banks and credit organizations became Russia, which weighted average was within the total debt was 13.6% (vs. 12.6% in the previous quarter), Luxemburg – 12.7% vs. 12.8% in the previous quarter, Germany – with weighted average of 7.6% vs. 7.1% in the previous quarter, France - 6% vs. 6.9% in the previous quarter and the Netherlands – 5.7% vs. 7.1% in the previous quarter. Moreover, about 30.5% of credits in the second quarter was provided by international organizations.

Weighted average percent rate of the attracted credits by financial organizations in the reporting period reduced by 5.4% to 5.2% compared to the first quarter.

About 59% of external credits are with floating percent rate (LIBOR, EURIBOR, state bonds) with average redemption date of 4.4 years.

In the reporting period weighted average of short-term credits reduced making 10.4% of the attracted credits. --0--