Yerevan /Mediamax/. With the help of the government, banks realized an unprecedented program of loaning to small, medium and big enterprises in 2009, Chairman of Armenian CB Artur Javadyan stated.

Mediamax reports that, speaking at the pre-New Year reception at CB, Artur Javadyan stated that the increase of credit loan investments made 13% this year, while practically decline in crediting was registered in all countries of Eastern Europe.

Touching upon stirring up among banks in a period, which followed March devaluation of AMD, Artur Javadyan stated that the volume of crediting by Armenian banks increased twofold in the II quarter, 2009, as compared to the first one, reaching 600bln AMD and exceeding the analogous index of 2008.

“8 banks replenished their capitals for over 35bln AMD, 9 insurance companies also increased their capital for 4.5bln AMD”, Artur Javadyan stated, adding that in conditions of economic decline, nevertheless, they observed significant increase of financial mediation, as a result of which correlation of the banking system’s assets to GDP makes 42% at the end of the year, exceeding the index of 2008 by 14 percentage points.

CB Head also pointed to the positive tendency in the market of deposits, stating that “as opposed to many countries, they did not observe outflow of deposits in Armenia, moreover, the deposit portfolio of the banking system increased by 39%”.