YEREVAN, October 30. /ARKA/. Private deposits in Armenian banks have increased tenfold over the last ten years to more than AMD 1 086 billion, and the number of depositors has grown six times to more than 1.7 million, Hermine Harutyunyan, the head of the Deposit Insurance Fund, told journalists on Friday.

She said the calculations are based on analysis of data on deposits and current accounts of individuals.
In her words, the Deposit Insurance Fund was established by the Central Bank of Armenia in 2005 to enhance public confidence in Armenia's banks.

Harutyunyan said that in compliance with the law, every quarter banks transfer 0.05% of the amounts deposited on their accounts, and the fund runs these assets to ensure profitability.

Categories: Banks @en, General news, News | Comments Off on Private deposits in Armenian banks increased tenfold in one decade

Tags: Armenia, Banks, decade, Deposits

Read more