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Armenia's banking system heads for dedollarization
September 18, 2010 - 16:02 AMT 11:02 GMT
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.
From: A. Papazian
September 18, 2010 - 16:02 AMT 11:02 GMT
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.
From: A. Papazian