Thursday, July 22 2010 18:44

Commercial banks of Armenia start aggressive crediting


ArmInfo. The commercial banks of Armenia demonstrate a trend of aggressive crediting, which will influence reduction in interest rates, said Chairman of Directorate, Director General of AMERIABANK Artak Hanesyan, when replying to ArmInfo correspondent's question.

He said that the interest rates on foreign exchange deposits and loans keep on fluently declining. "However, the rates on products in AMD terms are also declining, as over the past three months the degree of AMD liquidity remains quite high",- stressed Hanesyan. At the same time, the recent developments in the would markets show that the rates on foreign exchange resources must rise, and due to recovery of the Armenian economy and stability of the national currency exchange rate, the AMD rates must decline, he said. The international trends demonstrate growth in rates on the attracted interbank loans in the international financial markets, and the forecasts concerning growth in the Libor rate are made very carefully, he added.

According to the National Statistical Service of Armenia, in May 2010 1% inflation was fixed in the consumer market of Armenia, and over Jan-May 2010 - 5,3%. According to the Central Bank of Armenia, as of the end of March 2010, the interest rate on AMD loans for legal entities ranged from 14,3 to 15,2%, and on USD loans for legal entities - from 13,1 to 13,6% depending on the redemption period. The interest rates on AMD credits for individuals ranged from 18,6 to 22,3% (on mortgage loans - 13,4%), and on USD credits for individuals - from 17,8 to 19% (on mortgage loans - 15,2%) depending on the redemption period.
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