Friday, October 11 2019 14:41
Karine Melikyan

At a forum in Chisinau on topic "Strength of financing in national  currency", CBA representative introduced Armenian experience to  participants

At a forum in Chisinau on topic "Strength of financing in national  currency", CBA representative introduced Armenian experience to  participants

ArmInfo. At the forum on the topic "Strength of financing in national currency", organized by the European Fund for Southeast Europe (EFSE) in the capital of Moldova,  Chisinau, Head of the Department for Development of the Financial  System and Stability of the Central Bank of the Republic of Armenia  Andranik Grigoryan made a presentation on lending in national  currency. ArmInfo was informed about this in the press service of the  Central Bank of Armenia.

In his speech, A. Grigoryan noted such important factors as the need  to change the perception of national currencies in developing  countries and the development of alternative financing mechanisms by  international financial organizations in national currency.

A. Grigoryan, presenting to the forum participants the experience of  Armenia in lending in national currency, answered questions of  interest to those present.

It should be noted that since 2010, the EFSE Fund has been  implementing through several banks credit programs for the  development of micro and small enterprises (SMEs), providing  resources in the form of synthetic and multicurrency loans. Such a  financing mechanism protects the program beneficiaries from currency  risks, which in turn increases the profitability and competitiveness  of companies in the local market.

To recall, the European Fund for Southeast Europe (EFSE) was created  in 2005 with the aim of promoting the development of the economy and  general welfare in the countries of Southeast Europe, in particular  Albania, Armenia, Ukraine, Serbia, Azerbaijan, Belarus, Bosnia and  Herzegovina, Bulgaria, Macedonia, Georgia, Kosovo, Moldova,  Montenegro, Romania. The fund provides long-term subsidies to local  financial institutions for lending to small and medium-sized  enterprises (SMEs), as well as medium-sized enterprises and  low-income private households. In total, since its inception, EFSE  has directed over 922 million euros to finance commercial banks,  microfinance institutions, as well as non-financial institutions,  thereby making it possible to issue more than 247.000 loans to small  and medium-sized enterprises and private households. 

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