Thursday, July 4 2013 12:12
Areximbank-Gazprombank Group analysts forecast no changes in interest rates of loans and deposits in 2013
ArmInfo. Areximbank-Gazprombank (GPB) Group analysts forecast no changes in the interest rates of loans and deposits in 2013, Deputy Director General of Areximbank-GPB Group Vigen Barseghyan says in a press release sent to ArmInfo.
"The level of interest rates mostly depends on both the domestic economic situation and the situation in the foreign markets. Interest rates are an objective value formed by the market itself", he says. "If we say that the credit risk in Armenia is high, the interest rates must comply with the credit risk index. In addition, the banks should have an acceptable margin, first, to ensure the efficiency of the whole bank's activity and, second, to minimize the risks that may arise in the lending process. The monetary policy of the Central Bank is aimed at stabilizing the banking system. It is unambiguous. In other words, the policy of the megaregulator aims to stabilize the loan market and to make the banks ensure all the targeted growth ratios. The commercial banks are beforehand informed of all the regulatory changes initiated by the Central Bank. And if any of the banks fails to adapt to the new conditions, it has a problem with low efficiency of the corporate governance system", Barseghyan says.
By the Central Bank's data provided to ArmInfo by the Armenian National Statistical Service, in May 2013 the interest rates of AMD loans in Armenia dropped by 0.43 points (down 1.41 points versus May 2012) to 16.04%. The interest rates of AMD deposits rose by 0.03 points to 10.04% (up 0.9 points versus May 2012).
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