ABOUT 1.7 MLN DOLLAR LOANS PROVIDED BY ARMENIAN PAWNSHOPS AS OF MARCH 1

YEREVAN, APRIL 8, NOYAN TAPAN. Demand for loans provided by pawnshops
is constantly increasing in Armenia. The RA Deputy Minister of Finance
and Economy David Avetisian told NT correspondent that over the last
year, the number of pawnshops has increased by 14 to 48 ones. As of
March 1, the total amount of the loans provided by them made about
750.5 mln drams (about 1.7 mln USD), their authorized capital –
348.2 mln drams, while the resources attracted – 452.8 mln drams. It
was indicated that although the monthly interest rates of pawnshop
loans are high in the country, the market is quite competitive – an
owner does not have more than 3 pawnshops. D. Avetisian informed NT
corresponent that in all likelihood starting from June, the pawnshops
will be obliged by law to give loans in Armenian drams only.