HEAD OF HSBC BANK ARMENIA: USD DEPOSIT RATES ARE EXPECTED TO DECLINE IN ARMENIA WHILE AMD DEPOSIT RATES WILL REMAIN UNCHANGED

ArmInfo
2009-08-25 20:41:00

ArmInfo. In Armenia the USD deposit rates are expected to decline
in 2009 while AMD deposit rates will remain unchanged, Chief
Executive Officer of HSBC Bank Armenia Tim Slater told ArmInfo
correspondent. According to him, the interest in USD deposits is
currently decreasing in Armenia as the potential borrowers are waiting
to see what will happen in the near future.

As in Jan-Jul 2009 GDP of Armenia declined by 18,5%, at the moment
business representatives are waiting for further changes, Slater
said. He also thinks that as a result of AMD exchange rate stability,
as well as expected decline in USD deposit rates, the population’s
interest in AMD deposits will grow.