Chairman of the Board of ARARATBANK does not rule out the possibility  of lowering mortgage rates

ArmInfo.The probability of further lowering interest rates on mortgages is not ruled out. This forecast was provided by the Chairman of the Board - Executive  Director of ARARATBANK Ashot Osipyan in the fields of the Mortgage  Evening, which was held for the first time in Armenia on the  initiative of the Bank.

"The level of liquidity in the financial market makes it possible to  make assumptions that today there is every opportunity to see  interest rates below those operating in Armenia's banking market,"  the banker explained. At the same time, he added that everything  depends on such factors as interest rates on government bonds, the  refinancing rate, and the development trends of domestic and foreign  markets, etc.

According to the Central Bank of Armenia, interest rates on mortgage  loans as of August 1, 2018 averaged 10.51%, which is 10.6% below the  level at the beginning of the year and 11.61% a year ago. Moreover,  rates on AMD mortgage loans in the annual cut decreased from 12.07%  to 11.24%, and on dollar ones - from 11.18% to 9.99%.

According to the Financial Rating of the Armenian Banks as of July 1,  2018, prepared by IC ArmInfo, ARARATBANK enters the volume of  mortgage loans in the TOP-5 - 16.7 billion drams ($ 34.6 million)  with an annual growth of 4.8%. In the total loan portfolio of the  Bank, the share of mortgages is 13%, and in the total mortgage loans  on the market, the share of ARARATBANK exceeds 7.4%.

The mortgage market of Armenia employs all 17 banks, 10 of them on a  par with the classical mortgage also provide energy-efficient green  loans for the purchase / construction / repair of housing. Among  these 10 banks is ARARATBANK. Refinancing of these loans is carried  out by the National Mortgage Company and within the framework of the  Affordable Housing for Young Program.

Recall, JSC "ARARATBANK" has been operating since November 2005. The  majority shareholders of ARARATBANK on April 1, 2018. one of the  largest oil traders in Armenia - Flush company with a 72.73% stake in  the capital, Barsegh Beglaryan (famous entrepreneur, the head of  Flash) - 18.33%, Rural Impulse Fund II (part of the Belgian Incofin  Investment Management - Incofin IM) - 8.58%.