Interfax
Aug 9 2004

Combined Armenian bank credit portfolios expand 18% in H1

Yerevan. (Interfax) – Credit portfolios held by commercial banks in
Armenia increased 17.9% year-on-year to an aggregate 126.3 billion
dram in the first half of 2004.

The National Bank of Armenia reported that they had increased 5.3% in
June from May.

The bulk – 81.2 billion dram – of credit investments (excluding
extended and overdue credits) was currency credits, of which 38.7
billion dram represented long-term loans. Investments in the national
currency combined to 38.2 billion dram.
The official exchange rate for August 6: 518.34 dram/$1.