Armenian banks lose over $12m a day
Armenian banks are losing 4.7bn drams ($12.6m) each
day, the local media quoted the chairman of the country`s central
bank as saying.
Artur Javadyan said the domestic banking system was in a very bad state, while the country`s foreign currency debts have exceeded bank reserves. He noted that most customers who invested in drams had withdrawn their money to invest in dollars. Whereas in late 2008, investment in drams made up 65% and in dollars 35%, this proportion subsequently changed to 30-70 in favor of the dollar.
Javadyan added that the central bank`s revenues stood at 27bn drams in 2008.
Artur Javadyan said the domestic banking system was in a very bad state, while the country`s foreign currency debts have exceeded bank reserves. He noted that most customers who invested in drams had withdrawn their money to invest in dollars. Whereas in late 2008, investment in drams made up 65% and in dollars 35%, this proportion subsequently changed to 30-70 in favor of the dollar.
Javadyan added that the central bank`s revenues stood at 27bn drams in 2008.
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