CREDIT INTEREST RATES IN ARMENIA TO DROP BY 2% BY THE END OF THIS YEAR

ArmInfo
2009-08-25 20:42:00

ArmInfo. The credit interest rates in Armenia will drop by 2%
by the end of this year, says Chairman of the Board of AraratBank
Ashot Osipyan.

Today, the Armenian banks have no problems with liquidity and are
ready to take part in financing programs. This will lead to reduction
in their interest rates.

Presently, AraratBank issues loans at 14%-18% mostly in AMD.

To note, some Armenian banks are actively involved in international
credit programs: EBRD (SME support, mortgage lending, trade financing),
KfW (SME support, mortgage lending), IFC (SME support, mortgage
crediting), WB (SME suppport).

The Central Bank has opened unlimited credit lines for Armenian banks
in the framework of the $500mln anti-crisis loan provided by Russia
($200mln has been provided for supporting SME).

AraratBank is taking part in EBRD’s SME and trade support programs,
KfW’s SME support and mortgage crediting projects, Izmirlian
Foundation’s SME support program. In June 2009 the bank joined the
WB’s program to support SME.