YEREVAN, June 9. / ARKA /. In an interview with ARKA news agency, Valeriu Razlog, head of EBRD Yerevan Office, said EBRD expect interest rates to stabilize in Armenia in the middle or at the end of the year. He said EBRD does not expect large jumps either direction and that will be a stable policy acceptable both for the banking and private sectors. He also said that interest rates declined last year and early this year.
According to the Central Bank of Armenia data, as of late April 2011, average interest rates on short -term loans in Armenian drams for individuals decreased by 0.1 p.p. to 21.8% and in foreign currency by 0.6 p.p. to 18.1%. Interest rates on short term loans in drams to legal entities dropped by 1.7 p.p. to 12.2%. Interest rates on loans in foreign currency did not change staying at 10.8%.
Average interest rates on short-term deposits for individuals in drams and foreign currencies did not change staying at 9.5% and 5.5% respectively. Interest rates on deposits in foreign currency for legal entities rose by 1.1% and 2.4% to 9.3% and 7.1% respectively.
EBRD is one of the largest foreign investors in Armenia. It opened its office here in 1994 having committed since then a 400 million euro aid to Armenia. -0-
