The latest developments in September, as agreed upon with Azerbaijani authorities, have had no impact on foreign currency deposits in Armenian banks. There is currently no trend of people withdrawing their funds from banks, according to Martine Galstyan, the President of the Central Bank of Armenia. During a press conference in Yerevan on October 31, Galstyan revealed that there has been a 0.7% increase in deposits of resident individuals compared to September last month. Additionally, deposits of legal entities have grown by 4.9%, while term deposits of individuals have increased by 3.7%.

However, physical individuals’ deposits have seen a rise of 4.7%, with term deposits experiencing a slight decline of 0.8%. Galstyan emphasized that there is no trend of withdrawing funds from banks in terms of interbank deposits. When looking at the overall volume of deposits, Galstyan noted that the growth of deposits of resident individuals for the same period last year was 25.2%, a figure that has remained consistent. In contrast, growth in non-resident deposits is currently at 16.8%.

These developments in the Armenian banking sector paint a positive picture, with no signs of panic or financial instability. Individuals and legal entities in Armenia have shown trust in the banking system by increasing their deposits. This growth indicates confidence in the economy and a belief in the stability of the financial sector. It remains to be seen how this trend will continue in the coming months, but for now, Armenian banks can rejoice in the stability and trust shown by their customers.

Armenia continues to strengthen its position in the global financial market as a reliable and trustworthy partner. The Central Bank’s efforts to ensure a stable banking system and maintain public confidence have clearly paid off. With ongoing developments in the region, these positive indicators are crucial for sustaining economic growth and attracting foreign investors. As the country moves forward, it is essential to maintain this momentum and build upon it to further strengthen Armenia’s position in the global financial landscape.

In conclusion, the latest developments in September have not impacted foreign currency deposits in Armenian banks, and there is no trend of withdrawing funds. Deposits of residents and legal entities have shown steady growth, indicating confidence in the Armenian banking system. This stability bodes well for the economy and sets the stage for increased foreign investment. Armenia’s commitment to a stable financial sector and its efforts to maintain public confidence will undoubtedly contribute to its ongoing success in the global market.