Armenia’s banking system heads for dedollarizationSeptember 18, 2010 - 16:02 AMT PanARMENIAN.Net - Independent expert, PhD of Economic Sciences Samvel Avagyan said that dedollarization trends are observed in Armenia’s banking system. This is proved by the structure of loans granted by banks, in which AMD loans prevail, Avagyan told a press conference in Yerevan. Moreover, according to the expert, the Armenian banks have around $400mln excess of dollar liquidity. Avagyan noted that if the process of dedollarization starts in Armenia, it may result in sharp decrease of USD exchange rate, reaching AMD300/USD 1. However, it is undesirable, said Avagyan. Head of the Department on Macroeconomic Policy Development at the Armenian Ministry of Finance Armen Hayrapetyan also agreed that dedollarization trends are observed in Armenia’s banking system, but refrained from making forecasts concerning the exchange rate this year. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Macron honors Charles Aznavour on 100th anniversary French President Emmanuel Macron has paid tribute to the memory of French-Armenian crooner Charles Aznavour. Erdogan’s approval rating falls below 40 percent: survey A total of 53.4 percent of respondents said they disapprove of the performance of Erdoğan. Blinken says U.S. reviewing a number of aid requests from Armenia He said the U.S. is reviewing the requests to determine what more it can do to increase its assistance to Armenia. At least 2 CSTO members participated in preparing 44-day war against Armenia – PM Nikol Pashinyan has declared that at least two CSTO member countries participated in preparations for the 44-day war against Armenia. |