Deposits growth exceed increase in crediting – cenbank governor

16:35, 2 May 2023

YEREVAN, MAY 2, ARMENPRESS. Loans increased 16% and deposits grew “with progressive pace” in 2022, Central Bank Governor Martin Galstyan said at a press conference.

“During the year a growth of activeness was recorded in the crediting market, loans grew around 16%, which is comparable with the pace of the average growth of pre-COVID 19 years. At the same time, in conditions of high economic growth the deposits grew progressively against loans. Meaning, due to the entry of non-resident entities into the Armenian financial market, we have a situation when the growth of deposits has exceeded the growth of loans,” Galstyan said.

The growth in crediting was seen in all directions.

The profitability of the banking system “significantly improved” in 2022, Galstyan added.

He also said that deflation of goods is observed as a result of prices of food products falling globally. This could lead to the inflation in Armenia becoming lower than the projected 4%.

Emil Lazarian

“I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS