Deposits pace of growth slowed down but stable, says Armenian cenbank

YEREVAN, SEPTEMBER 8, ARMENPRESS. The pace of growth of deposits has somewhat slowed down due to the COVID-19 pandemic but there is no trend of decline at the moment and loans continue to grow, Armenian Central Bank President Martin Galstyan told a news conference.

He said that although financial organizations were also impacted by the consequences of the pandemic the normal process of rendering the financial services was not disrupted.

Galstyan says the financial organizations’ capital and liquidity level creates sufficient prerequisite to withstand the crisis.

The cenbank chief did however voice concern that if the healthcare situation is to last longer than expected and subsequently certain decrease of incomes is registered then it is possible that the pace of growth of loans will also slow down.

At the same time he assured that the liquid assets of banks are far greater than the cenbank’s requirements and in conditions of scarce financial sources banks will continue crediting the economy ,including the ensuring of the government’s anti-crisis measures.

Reporting by Anna Grigoryan; Editing and Translating by Stepan Kocharyan