CBA: credit portfolio increased by 210 billion drams in 2010
By the results of 2010 credit portfolio increased in Armenia by 210 Billion Drams compared with 2009, said the Head of Monetary-Credit Policy Department of CB Armenia Artur Stepanyan.According to the data of news agency “ARKA” total credit investments (credits, deposits, factoring, leasing) were 993.9 billion drams increased by 26.7% versus 2009.
“We can register reduction of percent rates by all credit products”, said Stepanyan in the press-conference on Monday.
The given tendencies are the result of CB Armenia policy during the last four-five months.
“CB Armenia has always announced that inflation is conditioned by the shocks of proposals and despite the fact that inflation increases, refunding rate continues to remain unchanged”, he said.
The last time CB Armenia increased refunding rate in Armenia on May 11, 2010 by 0.25% to 7.25%. Since then CB Armenia considers to keep the rate on this level.
“It’s aim was that credit resources should be directed into economy, mainly in industry and investments. It increased the growth of industry and services in GDP structure”, said Stepanyan.
Speaking about the tendencies of this year he said that monetary-credit policy envisages certain toughening.
“It means that credit means will grow less than in 2010. Some increase in percent rates by credit products is also possible. It will help to facilitate inflation”, said Stepanyan. --0--
