YEREVAN, June 23, /ARKA/. A senior official of Armenia’s Central Bank said today local crediting organizations are expected to step up their activity in several months.
Speaking at a news conference Vahe Vardanian, head of a department in charge of financial policy management, said banks are more flexible than crediting organizations and ‘our past experience shows that crediting organizations usually follow suit.’
On March 31 there were 28 universal crediting organizations in Armenia with 67 branches having extended 53.2 billion Drams worth credits.
Vahe Vardanian said also the demand for credits now is several times lower than before the crisis when it was estimated at 350-400 billion Drams. He added the demand is for credits in the national currency sought mainly by small and medium- sized businesses.
“There are no doubts that part of population wants credits and the banks are expected to satisfy this demand as the economy continues to expand,’ he said. -0-
