Yerevan/Mediamax/. Chairman of the Union of Banks of Armenia (UBA), Ashot Osipyan said today that despite the high inflation the rates on all types of loans keep falling and this tendency continues.

According to his assessments, this is connected with the high level of liquidity and competition in the banking system, Mediamax reports. Ashot Osipyan said that the crediting of economy in the first half-year grew by 23,4% and the crediting of individuals – by 8%.

According to Ashot Osipyan the banking system finished the first half-year of 2011 registering significant growth by all indices as compared to 2010.

In the first half-year of 2011, the assets of the banking system grew by 12.5%, making AMD 1 trillion 763.3bln and the loan investments grew by 17.8%, making AMD 1 trillion 179.1bln.

Common liabilities of the banking system during the accounting period have increased by 14% and deposit liabilities grew by 9.4%. As of June 30, the total amount of deposits totaled AMD 858.1bln.

The total capital of Armenia’s banking system in the first half-year of 2011 grew by 6.7%, making AMD 352.5bln, and the net income stood at AMD 21.7bln.