UNIBANK RAISES ANNUAL INTEREST ON DEPOSITS IN ARMENIAN DRAM TO 14%

ArmInfo
2009-04-07 12:24:00

ArmInfo. Unibank raises the annual interest on deposits in terms of
the Armenian dram to 14%, Unibank press-service told ArmInfo referring
to Vardan Atayan, Chairman of Unibank Board.

He said demand for competitive deposits based on mutual advantage is
growing. He highlighted that Unibank has been occupying a leading
position by time deposits of individuals in the financial market
of Armenia.

V. Atayan said if the government establishes annual interest on
government bonds at 13%, banks should offer deposits on higher rates
up to 20% to stimulate the population and attract deposits.

Otherwise, bank deposits will become uncompetitive instruments to
attract funds and the population will prefer government bonds to
deposits. Since inflation for the current year is expected to total
8-9%, banks should focus on increase of interest rates on deposits,
the source reported.