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YEREVAN, JUNE 3, ARMENPRESS. In 2023, all segments of the financial system recorded an increase in assets and the financial system ensured the normal course of the financial intermediation function, the Central Bank Governor Martin Galstyan said at a press briefing on the 2023 financial stability report.
"The banking system's assets constituted the majority of the financial system, approximately 83 percent. The total volume of bank assets was 9.2 trillion drams. Consequently, the current dynamics of the banking system, potential risks, and our evaluations of managing these risks, i.e. stress tests, are mainly outlined in the financial stability report.
It is noteworthy that increased activity was observed in the banking market throughout the year, resulting in a loan growth rate of around 21 percent by year-end.
"The growth of the deposit portfolio of the banking system amounted to 9.2%. The increase in deposits is solely attributed to the growth of deposits from residents of the Republic of Armenia, which increased by approximately 18% over the year," said Martin Galstyan.
In response to a journalist's question, he clarified that there had been a certain decrease in deposits from non-residents during the year. It was also noted that in 2023, investments in securities increased by approximately 18%."
The Central Bank Governor Martin Galstyannoted that the growth of activity in the credit market had been noticeable across almost all lending sectors.
According to him, amidst high economic growth, the expansion of credit investments was also accompanied by an enhancement in the quality of the credit portfolio, with the proportion of non-performing loans remaining low (below 4 percent) compared to its long-term average level.