YEREVAN, November 5. / ARKA /. Despite high interest rates on private deposits in the national currency of Armenia, the dram and foreign currencies,  the overall amount of  deposits in the local  commercial banks in September 2015 stood at 1.405.8 trillion drams, down 1.14% from the previous month, according to the official data of the National Statistical Service.

Incidentally, not only deposits in drams, but also those in foreign currency dropped. In particular,   deposits in drams fell by 0.36% to 495.7 billion drams, while deposits in foreign currency fell  by 1.6% to the equivalent of 910.1 billion drams.

More specifically, dram deposits in the reporting period contracted due to 4.5 percent fall in  time deposits to 308.3 billion drams. Interest rates on time deposits in September fell by 1.44 pp to the average 13.37%. Contrary to it, demand deposits in drams increased by 7.3% to 187.4 billion drams.

As for deposits in foreign currency, both time and demand deposits decreased in September 0.9% and 3.3% respectively.

Interest rates on deposits in drams have been growing throughout 2015. Thus,  in September deposits up to one year increased by 1.8 percentage points to 14.06%.

Some Armenian banks offer even higher interest rates on deposits in drams at  17-17.5%. Rates on time deposits in drams, despite a decline in September by 1.44 percentage points to 13.37% had been growing  throughout the year. ($ 1 - 475.56 drams). -0-