YEREVAN, March 10. /ARKA/. Residents’ deposits in Armenia’s commercial banks fell by 1.6% in January to 1,729.5 billion drams as of the end of the month.

The National Statistical Service says deposits from residents amounted to 1,314.2 billion drams in the reporting month, a reduction of 0.4%. Resident deposits in drams totaled 467.1 billion drams (1.2% decline), those in foreign currency were 847.1 billion drams (0.04% increase).

Decline in deposits in the commercial banks was recorded after the dram devaluation in December 2014, mainly due to reduction in call deposits from residents. Call deposits dropped by 7.7% over the month to 166.5 billion drams as of the end of January.

According to the information, call deposits from residents totaled about 379.5 billion drams (reduction of 2.5%) at the end of January, accounting for 28.8% of all deposits, of it 166.5 billion drams in the national currency and 212.9 billion drams in foreign currency.

Time deposits from residents amounted to 934.6 billion drams (0.5% increase); of it 300.5bln drams in the local currency and 634.1 bln drams in foreign currency.

There are currently 21 commercial banks operating in Armenia. ($1- 479.51 drams). –0--