No capital flight from Armenia, central bank chairman says

01.10.2018 18:05
No capital flight from Armenia, central bank chairman says

YEREVAN, October 1. /ARKA/. There is no capital flight from Armenia, while the amount of bank deposits increased by 100 billion drams, chairman of the Central Bank Artur Javadyan told journalists on Sunday.

He said at the beginning of the year, a 7% year-on-year rise in capital inflow was registered. A significant capital flight was in the early days of the "velvet revolution" only, but it quickly recovered.

"Today, the deposits in Armenian banks, both individual and corporate, have increased. We did not have a major capital flight. It was seasonal and lasted for several days only," Javadyan said.

At the same time, he noted that the influx of capital is now even higher than it was. He stressed that the volume of deposits was 2.5 trillion drams before the velvet revolution, and now it has increased by 100 billion drams.

According to the Central Bank, deposits in Armenian banks at the end of August 2018 stood at 2. 730.9 trillion drams, having increased by 1.1% from the previous month.

Javadyan also said the financial system of the country is now in the most favorable situation in comparison with other countries of the region, as evidenced by the latest indicators of financial stability, which is 97%.

"According to the estimates of the World Bank and the IMF, in 2005-2006 the financial stability of Armenia was 65%, in 2012 it grew to 91%, then this year it has reached 97%," Javadyan said.
He stressed that the Central Bank regularly raises the requirements for the financial system in order to bring it in line with the requirements of Basel-3. -0-

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Tags: , , Новости Армении АМИ Новости-Армения

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