YEREVAN, October 30. / ARKA /. More than 94% of private bank deposits in Armenia are fully insured, Veit H.Gesenhues, head of the Armenian office of the German Savings Banks Foundation for International Cooperation, told local reporters today.

Veit H.Gesenhues said the total amount of private deposits in the local banks is on the rise, 'and it is not an accidental phenomenon, but the result of the consistent policy of the Central bank to protect private deposits.'

"It's important that the government and the Central Bank encourage citizens to keep their money in banks, because this leads to the economic development of the republic,’ he said.

The German expert praised the government for a bill passed lately by the parliament that more than doubled the size of insured deposit in the Armenian drams from 4 to 10 million drams and the size of deposits in feign currency from the equivalent of 2 million to 5 million drams.

According to estimates of the Central Bank of Armenia, after the passage of the law some 95% of private deposits will be protected.

According to the National Statistical Service, as of late August 2015, Armenian resident deposits in the banks stood at 1. 422.1 trillion drams billion, a decline of 0.8% over the previous month.

Deposits in the national currency were worth 497.5 billion drams, a 3% drop, while deposits in foreign currency grew by 0.4% to 924.5 billion drams. ($ 1 - 471.86 drams). - 0-