Borrowers in Armenia increasingly showing favor to national currency

YEREVAN, September 27. /ARKA/. Yuri Gusev, acting CEO of VTB Bank (Armenia) and the chairman of the bank’s directorial board, speaking Thursday at a televised conference involving representatives of VTB Group’s subsidiaries in Armenia, Kazakhstan and Ukraine, said that the population in Armenia has a feeling of another pending global economic crisis which prompts them to shift to their national currency when borrowing money from local banks.

Mikhail Zadornov, VTB24 bank president and chairman of the bank’s board, who spoke at the same teleconference, answering ARKA News Agency’s question, said that VTB Group aims to lending money exactly in national currencies.

“Only this shapes a healthy balance and a healthy business and also shields our retail clients and banks from interest and credit risks,” he said. “We don’t rule out lending in foreign currencies completely, unless it is banned by the law, as is the case in Ukraine, however, we would like lending in foreign currency to drop to an insignificant portion of the overall lending.

VTB Bank Armenia joined VTB Group in April 2004. VTB, the second largest bank of Russia, holds 100% of shares of VTB Bank (Armenia). VTB Bank (Armenia) has 69 branches all over Armenia’s territory – the largest branch network in the country. VTB Bank (Armenia) is traditionally reckoned among leaders for general indicators. -0—

spot_img

POPULAR

Maximum insurance compensation limits in Armenia’s compulsory motor third-party liability insurance (CMTPLI) system will increase starting April 1

Amendments to the rules of the compulsory motor third-party liability insurance (CMTPLI) system will come into effect in Armenia on April 1, 2026, providing for an increase in maximum insurance payout limits, according to the Bureau of Motor Insurers of Armenia.

Armenia to Receive €120 Million Loan and €15 Million Grant from KfW Bank for Power Grid Connection with Georgia

At a meeting on Thursday, the Armenian government approved the signing of a €120 million loan agreement with the German bank KfW for the "Caucasus Transmission Network - NIF" project to connect the power systems of Armenia and Georgia. Additionally, a €15 million grant agreement with KfW was approved for the "EU Caucasus Transmission Network - NIF. Phase II" project.

Armbanks Weekly Digest: Key Events in Armenia’s Financial Market (March 2–8)

The past week in the Armenian financial market was marked by the publication of macroeconomic data, capital market activity, and the continued regulatory adjustment of the payment infrastructure.

Central Bank of Armenia: Sustainable and Sustainability-Linked Bond Market in Early Stages of Development

In its 2025 Sustainability Report, the Central Bank of Armenia notes that the sustainable and sustainability-linked bond market in the country is in its early stages of development.

Guesthouse “Bees and Beekeeping” in Lori Province

In the village of Vardablur in the Lori region, at the "Beeography" guesthouse, guests are welcomed with a honey drink, considered the guesthouse's signature dish.

LATEST NEWS

spot_imgspot_imgspot_img