ARMENIAN BANKS LOSE OVER $12M A DAY

AzerNews Weekly
April 15 2009
Azerbaijan

Armenian banks are losing 4.7bn drams ($12.6m) each day, the local
media quoted the chairman of the country`s central bank as saying.

Artur Javadyan said the domestic banking system was in a very bad
state, while the country`s foreign currency debts have exceeded bank
reserves. He noted that most customers who invested in drams had
withdrawn their money to invest in dollars. Whereas in late 2008,
investment in drams made up 65% and in dollars 35%, this proportion
subsequently changed to 30-70 in favor of the dollar.

Javadyan added that the central bank`s revenues stood at 27bn drams
in 2008.

From: Emil Lazarian | Ararat NewsPress