YEREVAN, March 15, /ARKA/. The Central Bank of Armenia (CBA) said in a report after a March 4 Board meeting that the level of Armenian economy’s dependence on US Dollars (dollarization) dropped by 1.8% in February 2011.

According to the report, the Central Bank’s drive to toughen up its money and credit policy was reflected in money and credit indicators. Thus, the volumes of money and Dram bases rose by 3.2% at the end of February. In this condition the Central Bank registered an advanced growth of Dram supply against money supply by 2.8% and 4.3% respectively.

‘As a result of growth of deposits in Drams by 5.4% and deposits in foreign currency by 1% the dollarization level of the economy dropped by 1.8% in February as opposed to the previous month as the volume of lending rose by 1.5% from the previous month,’ the report says.

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Tags: Armenia, CBA, dependence, Economy @en

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