Majority of Armenia’s banks does not forecast change in interest rates for loans and deposits

PanARMENIAN.Net - According to a report of the Central Bank of Armenia on Results of Quarterly Poll on Indices of Financial Sector, majority of Armenia’s banks does not forecast changes in deposit interest rates, which currently make 15% and 13% for AMD and foreign currency deposits respectively.

Moreover, majority of Armenia’s banks is of the same opinion with respect to loan interest rates: 11 banks predicted the same level of interest rate for AMD loans, while 13 banks – for foreign currency loans.

According to the banks, AMD 78.7bln (9.89%) growth will be recorded in volumes of loans in September, with AMD 45.2bln to be secured by five banks. The banks also predict 26.94% or AMD198bln growth in volumes of loans by the end of 2010.

In September 2010, the banks expect deposit volumes to grow by AMD 38.8bln (2.77%). Besides, according to forecasts of Armenia’s banks, the volume of deposits will grow by AMD 69.9bln (11.1%) in December as compared with June 2010, resulting in AMD 43.8bln or 6.7% growth by the end of 2010 as compared with the same period of last year.