YEREVAN, MAY 16, ARMENPRESS. The nearly 48% growth in deposits of non-residents in Armenia in 2019 is a result of high trust of foreign economic entities towards the country’s financial system, Armenian Prime Minister Nikol Pashinyan said today at a press conference, presenting 100 facts about new Armenia.

“In 2019 the deposits attracted by non-residents have increased by 48% or 337 billion drams and comprised nearly 1 trillion drams. On the one hand, this trend is in accordance with the global practice of capital flow from low interest rate markets to high interest rate market, and on the other hand, it reaffirms the strengthening of trust among foreign economic entities towards Armenia’s economy, as well as its financial system”, the PM said.

He said foreign companies or individuals trust more Armenia’s banking system, invest deposits, carry out activity and take loans.

At the same time, the loans provided to non-residents have increased by 3% or 7 billion drams and comprised 245 billion drams.

Reporting by Anna Grigoryan; Editing and Translating by Aneta Harutyunyan