Union of Banks of Armenia: low rate credit program in agriculture to be effective

YEREVAN, April 6. /ARKA/. Government program on the provision of low rate credits in agriculture will be effective, said the Head of Union of Banks of Armenia, Head of Board-Executive Director of Araratbank Ashot Osipyan.

The government decided to provide low rate credits by the rate of 14% annually, of which 4% will be subsidized by the state. About 200 million drams is allocated for this purpose. The credits will be provided in Armenian drams. In 2010 the annual rate of agricultural credits was 24-25%.

Earlier Armenian Agriculture Minister informed that Armenian banks should start the crediting process from April 1 but the banks delay the process and continue consultations on this issue.
“I can’t say anything about the terms of the credits. By the results of negotiations the parties will make relevant acceptable  announcements. Now it will be wrong to make forecasts about the number of the banks (participating in this program) and the terms”, he said.

Four banks should have been participated in low rate crediting of agriculture – ACBA Credit Agricole Bank, Conversebank, Ardshininvestbank and Armeconombank. Credits should be provided for two years up to 3 million drams and grace period of redemption will be minimum six months.

Member of parliament opposition faction “Dashnaktsutyun” Artsvik Minasyan considers unacceptable that in one of the sectors of Armenian economy percent rates are low than in others.

There are serious problems in Armenia regarding the percent rates. ($1-371.12 drams).  –0–

spot_img

POPULAR

The average exchange rate of the Armenian dram to the US dollar in April was 4.2% lower than a year ago

In April 2026, the average exchange rate of the Armenian dram to the US dollar was 374.2 drams, compared to 390.7 drams in April 2025, according to data from the Statistical Committee.

Ranking of Armenia’s Largest Credit Institutions by Asset Volume in Q1 2026

ARKA News Agency publishes a ranking of Armenia's largest credit institutions by total assets for the first quarter of 2026.

Armbanks Weekly Digest: Key Events in the Armenian Financial Market (May 4-10)

The week in the Armenian financial market was influenced by decisions and statements by the Central Bank, updated macroeconomic data, and capital market activity.

Russian ruble exchange rate in Armenia exceeded 5 drams: Central Bank of Armenia

The average market exchange rate for the US dollar to the Armenian dram, formed on the Armenian foreign exchange market as of May 13, 2026, increased by 0.01 points compared to May 12, reaching 368.63 drams.

Investment portfolio of Armenian credit institutions in the first quarter of 2026 exceeded 100.6 billion drams

The total investment portfolio of Armenian credit institutions in the first quarter of 2026 amounted to 100.6 billion drams, according to the consolidated financial report of the country's credit institutions.

LATEST NEWS

spot_imgspot_imgspot_img