Interest Rates on Credits Drop by 2 Percent

Banks

YEREVAN, May 13, /ARKA/. Ararat Ghukasian, chairman of the Union of Armenian Banks, said to a news conference today that interest rates on various credits dropped by 2% this year.

Interest rates on consumer credits are about 20% now, business credits are provided at 16% and mortgage credits at 14%, he said, adding that the reduction in interest rates on credits and deposits is expected to give a boost to economic recovery.

In comments on a recent decision by the Central Bank to raise its benchmark refinancing rate by 0.25 percentage point to 7.25%, Ararat Ghukasian said he believes this rate will be preserved throughout the year. ($1 – 389.47 Drams). -0-

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