Majority Of Armenia’s Banks Does Not Forecast Change In Interest Rat

MAJORITY OF ARMENIA’S BANKS DOES NOT FORECAST CHANGE IN INTEREST RATES FOR LOANS AND DEPOSITS

PanARMENIAN.Net
July 27, 2010 – 12:04 AMT 07:04 GMT

According to a report of the Central Bank of Armenia on Results of
Quarterly Poll on Indices of Financial Sector, majority of Armenia’s
banks does not forecast changes in deposit interest rates, which
currently make 15% and 13% for AMD and foreign currency deposits
respectively.

Moreover, majority of Armenia’s banks is of the same opinion with
respect to loan interest rates: 11 banks predicted the same level of
interest rate for AMD loans, while 13 banks – for foreign currency
loans.

According to the banks, AMD 78.7bln (9.89%) growth will be recorded in
volumes of loans in September, with AMD 45.2bln to be secured by five
banks. The banks also predict 26.94% or AMD198bln growth in volumes
of loans by the end of 2010.

In September 2010, the banks expect deposit volumes to grow by AMD
38.8bln (2.77%). Besides, according to forecasts of Armenia’s banks,
the volume of deposits will grow by AMD 69.9bln (11.1%) in December
as compared with June 2010, resulting in AMD 43.8bln or 6.7% growth
by the end of 2010 as compared with the same period of last year.

From: A. Papazian

You may also like