Citizens Withdraw $100 Million in Savings from Banks in Two Months

The statistical committee of Armenia has published data reflecting the significant negative impact of the coronavirus pandemic on the socio-economic and financial sectors of the republic during the January-April 2020 period. As expected, in the last two months, the credit burden on the public has notably increased, which was already considerable before.

According to an analytical piece by Panorama.am, the published statistics clearly show that in addition to relying on loans to cope with the pandemic, the population is intensively resorting to utilizing their deposits in banks. In just one month, in April, the volume of the deposits of the population in banks decreased by 44.04 billion AMD, totaling 1 trillion 626 billion AMD. Notably, deposits held in foreign currency decreased by 38 billion AMD.

This trend of declining deposits was also recorded in March, when compared to February, the deposits decreased by 5.6 billion AMD. In March, the physical persons' deposits in banks amounted to 1 trillion 670 billion AMD.

In monetary terms, it results in about $100 million in deposits withdrawn by Armenian citizens from banks within two months, which is an unprecedented phenomenon considering that in recent years there had been a continuous increase in the volume of deposits from individuals.

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