Money supply grows by 0.7% to 697.2bln drams in Armenia in May

ARKA, 02.07.2008

Money supply grew by 4,752mln drams or by 0.7% up to 697.2bln drams in Armenia in May.
The RA National Statistical Service reports that cash outside the banking system had totaled 310bln drams by the end of May against 306.8bln drams in the beginning of the month; call deposits in Drams were 116.9bln drams against 120.6bln drams at the end of April.
Time deposits amounted to 129.9bln drams at the end of the period under review against 117.5bln drams at the end of April. Deposits in foreign currency totaled 140.4bln drams (147.4bln drams at the end of April). The share of foreign currency deposits in money supply reduced by 1.15pct down to 20.14% (18.85% in the beginning of the year)
Money supply grew by 5,809mln drams or by 0.84% as compared with the beginning of the year. Money multiplier was 1.75 at the end of May against 1.61 in the beginning of the year.
Under the RA program of monetary and credit policy, the Central Bank of Armenia is planning a 25% increase in money supply in 2008. ($1=302.65drams).