AUTHORIZED CAPITAL OF ARMENIAN MORTGAGE FUND TO REACH 30BLN AMD THIS YEAR
ARKA
Apr 8, 2009
YEREVAN, April 8. /ARKA/. The authorized capital of the Mortgage
Fund of Armenia is to be replenished with 5bln AMD and reach 30bln
AMD this year, Chairman of the Central Bank of Armenia (CBA) Artur
Javadyan told reporters at the international press center Novosti.
"The Central Bank has started forming the Mortgage Fund of Armenia
with a planned authorized capital of 5bln AMD," Javadyan said. The CBA
Chairman pointed out that the funds for the authorized were provided
for in the CBA’s capital budget for 2009.
"We are currently negotiating with the Government and the private
sector for their sharing in the Fund’s capital. I hope that the Fund’s
capital will reach 30bln AMD by the end of the year, which will give
a new impetus to the mortgage market," Javadyan said.
The CBA Chairman pointed out that rather serious growth in the
construction sector is possible if all the planned measures are
successfully implemented.
In the 4th quarter of last year mortgage crediting totaled 81.1bln AMD,
with its share in the banks’ credit portfolio being 13.01%.