Banks encompass 85,5% assets of Armenia’s financial system

YEREVAN, MAY 5, ARMENPRESS. The largest part of Armenia’s financial system is the banking system, according to 2017 data. The banking system has 85,5% assets of the sector.

According to the data, the bank assets in 2016 were 87,2%.In case of the other participants of the financial system the assets either increased or remained the same in 2017 against 2016.

Assets of credit organizations in 2017 totaled 9,3% against 2016’s 8.6%. Insurance companies has 1% assets – the same as in 2016.

Assets of investment companies comprised 1,3% - a growth of 0,4%. Net assets of mandatory pension funds are 2,1% against the previous year’s 1,4%. Other financial organizations had 0,9% assets.

“In 2017, the asset/GDP ratio of the financial system and the loan/GDP ratio provided to businesses comprised 91,4% and 49,8% respectively,” the central bank said in a report.

ENGLISH: Editor/Translator - Stepan Kocharyan