In an interview with BMG Hovhannes Khachatryan, Deputy Head of the Central Bank of Armenia, discussed the financial landscape of 2023 following the dynamic year of 2022. Khachatryan characterized 2023 as a year of normalization, particularly evident in the banking sector.
Khachatryan highlighted that asset growth in the banking sector reached 9.4%, while credit unions experienced growth around 10%. He noted that despite this normalization, the financial sector, including pension funds accounting for 40% of the market, continued to exhibit steady growth.
In contrast to the previous year, where banks benefited from high margins, especially in FX transactions and transaction banking, Khachatryan observed a decline in fees and profits due to reduced demand and active trade.
However, he emphasized that despite these adjustments, the market growth remains steady, albeit more subdued compared to the rapid expansion seen in 2022.
