YEREVAN, May 15. /ARKA/. Time deposits from individuals amounted to 771 billion drams in the first quarter of 2014, an increase of 4% against the beginning of the year, says the Central Bank of Armenia in its review on commercial banks for Q1.

Time deposits from organizations totaled 267.4 billion drams, a 3.9% increase over the period.

Demand deposits slip by 0.5% to 519.78 billion drams in January-March.

According to the Central Bank of Armenia, liabilities to other banks and financial institutions amounted to 709.6 billion drams (7.4% reduction), liabilities to the government were 58.2 billion drams (2% reduction), interest payments were about 26.4 billion drams (5.4% increase) and other liabilities amounted to about 107.6 billion drams (7.2% decline).

As of the end of the end of March 2014, total liabilities of Armenian commercial banks amounted to 2,460.1 billion drams, a reduction of 1% against the beginning of the year.

There are currently 21 commercial banks operating in Armenia with a total of 489 branches. ($1=413.67drams). –0--