Osipyan: Interest rates on loans in Armenia to continue their downward motion

09.09.2011 20:39
Osipyan: Interest rates on loans in Armenia to continue their downward motion

YEREVAN, September 9. /ARKA/. Interest rates on all the types of lending keep going down in Armenia, Ashot Osipyan, chairman of the Union of Banks of Armenia, said Friday at a news conference.

“This decrease is connected with liquidity and competition,” he said.

Taking into account world developments, he predicted that interest rates on deposits will go down as well.

According to the central bank, in July dram loans were extended to legal entities at 13.5% average interest rate (0.05% month-on-month decrease), and loans in foreign currencies were extended them at 10.9% average interest rate(0.05% increase).

Average interest rate on dram loans for individuals was 20.2% (20.2% month-on month decrease) and loans in foreign currencies 16.75% (0.05% decrease).

Average interest rate on legal entities’ dram deposits was 8.7% in July (3% decrease, compared with the previous month), and interest rate on their deposits in foreign currencies averaged 5% after going 2.25 percentage points down, compared with June.

Individuals had their dram deposits’ average interest rate downed by 0.45 percentage points to 10.5% in July and interest rate on deposits in foreign currencies 0.55% to 5.75%.

Armenian banks’ aggregate assets amounted to AMD 1763.3 billion and credit investments AMD 1179.1 billion in late June.

Deposits in banks totaled AMD 858.1 billion. The banking system’s total capital amounted to AMD 352.5 billion (6.7% growth). ($1 = AMD 371.92). -0---


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