YEREVAN, January 8. / ARKA /. The amount of lending in Armenia over the last five years has grown from 615 billion drams to 1.7 trillion drams, Central Bank chairman Artur Javadyan was quoted as saying in a press release.

He also said that interest rates on loans decreased by 3-4% in the same time span as financial services became more available.

According to Mr. Javadyan, banks have improved their corporate management culture while customers’ financial literacy has risen.

"Public confidence in the financial system has increased, and this is proved by the fact that deposits increased from 450 billion drams in 2008 to 1.45 trillion drams today," he said.

Central Bank head named increased stability of the financial system as a major achievement in 2013, saying that the financial sector ended the year with positive results.

He said financial system’s assets make 74 % of the GDP, and the loan portfolio - 43%, whereas some 5 years ago these figures were 30% and 18 % respectively, 2.5 times below today's figures.

According to the National Statistical Service, at the end of November 2013 the total lending stood at 1. 714.5 trillion drams and deposits at 1. 467.7 trillion drams. ($1 - 405.64 drams). 0-