YEREVAN, January 31. / ARKA /. The level of dollarization in Armenia did not see any significant change last year, Ashot Osipyan, the chairman of the Union of Banks of Armenia, told a news conference today at Novosti International Press Center

According to the Central Bank of Armenia, the dollarization (the ratio of foreign currency deposits to total deposits of residents) at the end of November 2012 was 62.7% against 62.1% in November 2011.

"Today we are living in a changing world, and the priority is stability. This is why we did not see major shifts in terms of the level of dollarization in 2012. Our foreign exchange market was stable throughout the past year ", he said.

According to him, the slight increase in the level of dollarization was due to the stability of the exchange rate, and "the speculative growth of the dram exchange rate in May and June had no effect on the overall situation."

"On the contrary, given the currency exchange risks, our commercial banks borrow funds in the national currency, the dram. As for forecasts, the most important for us is stability, including the exchange rate. If there is growth, then let it be stable and smooth. In this context, we see no problems ", he said.  -0-