YEREVAN, December 14. / ARKA /. In the third quarter of 2012 the combined external debt of Armenia-based commercial banks and credit organizations grew to $1.06 billion from $1.04 billion in the second quarter, an increase of 1.9%, according to the Bulletin of the Central Bank of Armenia for the third quarter of 2012.
It said in the reporting period of time the commercial banks and credit organizations raised $701.1 million in foreign loans and spent $662.7 million to repay their external debts. It said also during the third quarter, 22.8% of all raised loans were long-term loans.
As of 30 September 2012, the major creditor countries of Armenian commercial banks and credit organizations were Russia (21.5%), Luxembourg (8.8%) and the Netherlands (6%). In addition, approximately 33.1% of loans were provided by international lending organizations.
The weighted average interest rate of credit resources raised by Armenian financial institutions in the third quarter of 2012 dropped from the previous quarter to 5.9%.
About 45% of foreign loans were loans with floating interest rates (LIBOR, EURIBOR, etc.) with a five year average maturity period.
During the reporting period the share of short-term loans decreased to 7.7% of all raised loans. -0-