Yerevan, December 27 /Mediamax/. In 2007, “unprecedented growth indices” were reached in the banking system of Armenia.

Mediamax reports that the Chairman of the Central Bank of Armenia Tigran Sarkisian said this, speaking on December 26 during the traditional pre-holiday reception for the bankers. According to the CB Chairman, the volume of growth of the banking sector of Armenia in the 2007 made 40%. Tigran Sarkisian highlighted the fact that the Armenian banks this year reached “unprecedented profitability indices”.

The gross growth of credits in 2007 made 72%, and the volumes of mortgage crediting doubled, as compared to 2006, Tigran Sarkisian stated.

CB Chairman noted that credit organizations demonstrated even more impressive speeds of growth in 2007. If the assets growth in the banks made 40%, the credit organizations registered the given index at the level of 100%.

Tigran Sarkisian described as “unprecedented” the volumes of external loans of the Armenian banks as well, which in 2007 made 82bln drams.

CB Chairman noted that in 2007 the profit of the Armenian insurance companies doubled, and the volumes of commitments grew for 24%. Tigran Sarkisian highlighted the processes, related to the development of the securities market – the signing of an agreement of the Swedish OMX on purchasing the Armenian Stock Exchange and the Central Depository and the issue of bonds by a few large Armenian companies. According to Tigran Sarkisian, basis is established for making the year of 2008 “a decisive one” as concerning the development of the capital market of Armenia.