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Time in Yerevan: 11:07,   29 March 2024

Lending volumes grow 24% in Armenia

Lending volumes grow 24% in Armenia

YEREVAN, JUNE 4, ARMENPRESS. Lending volumes have grown in Armenia, and this is also an important component of economic potential development, said Central Bank President Artur Javadyan in remarks at parliament while presenting the cenbank’s report.

“In conditions of financial stability, financial brokerage has increased simultaneously with economic activity. In the past 11 years, financial brokerage grew 4 times, lending volumes increased, which is an important component of economic potential development, if of course they are directed to the industrial branches. The average growth of loans in the past 10 years is 24%, and 20% in deposits,” he said, adding that necessary infrastructures for carrying out the targeted program for development of the financial system have been introduced – the financial litigation system and the deposit insurance.

He said the cenbank is currently working with the government in the direction of privatizing state-owned companies through public offer in the stock market that have growth potential.

Works are also underway in the direction of including major private companies in the capital market.

Javadyan said they are also considering the possibility of financing major communities, particularly Yerevan, through securities market.

Edited and translated by Stepan Kocharyan








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