YEREVAN, June 16. / ARKA /. The ratio of Armenia’s financial system’s assets to GDP in 2013 was 77.1%, increasing by 8.5 percentage points from the previous year, according to the annual report of the Central Bank on the country’s financial system, development and supervision.

"In 2013 Armenia's financial system demonstrated sufficient activity ensuring a faster growth rate of key  balance sheet  ratios to nominal GDP level", the report says.

However, despite the rapid growth of financial intermediation in recent years, its current level is still significantly lower when compared to some countries of Eastern Europe, according to the report.

The largest players in the financial system market are still the banks, which account for 89.5% of total assets of the financial system. The strengthening competition brought down lending rates and spreads, the report says.

The share of credit organizations’ assets in the financial system of the country was 6.4%, insurance companies accounted for 1.5%, investment companies for 0.8% and other financial organizations for 1.8%.

Armenia has 21 commercial banks,  33 credit organizations, 9 licensed insurance and 8 investment companies. -0-