Friday, March 18 2011 16:57

HSBC Bank Armenia: No serious growth of the rates of interest expected


Arminfo. No serious growth of the rates of interest on dram deals is expected in Armenia against the background of harshening of the monetary conditions, deputy executive director of "HSBC Bank Armenia", Irina Seylanyan, said at today's press-conference in Yerevan.

She supported the actions by the megaregulator on raising of the re-financing rate, and said that this step will make it possible to soften inflation in the country. She recalled that inflation in February 2011 as against February 2010 was 12,4%.

As for rates of interest for foreign currency credits, the expert said no serious change is expected in this direction. She emphasized that at present the share of the foreign currency credits to legal persons is the biggest in the credit portfolio of the banking system of Armenia. This will allow to preserve the past year growth rates of credits.
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