Over the past four years, commercial banks of Armenia provided loans to country`s farmers for 650 billion drams

ArmInfo. Over the past four  years, commercial banks of Armenia have provided loans to country's  farmers for 650 billion drams. This was announced by the chairman of  the Central Bank of Armenia, Artur Javadyan, in the National Assembly  of Armenia on July 6.

According to him, only under subsidized loans,  the peasants were given 90 billion drams with an annual rate of 5%.  Compared to previous years, rates on loans extended to farmers have  significantly decreased.  Mortgage loans, whose size is currently at  the level of 210 billion drams, are not an exception, half of which  are already provided. At the same time, the maturity of mortgage  loans is increased to 20 years at a maximum rate of 12%. Within the  framework of the state program of mortgage financing for young  families only in Yerevan, the rate does not exceed 5.6%, in regions -  6.5%. As for consumer loans, according to the current situation, they  have been provided for 452 billion drams. At the same time, loans for  the development of industry and agriculture are twice the amount of  consumer loans.

The head of the Central Bank also noted that the commercial banks of  the republic show an individual approach to the residents of 9  regions of the Armavir region, who earlier attracted loans and  suffered from the recent hail. In some cases, interest rates are  falling, while in others, loan repayment periods are extended.