Actual share of nonperforming loans in Armenia’s economy far larger than official figure

YEREVAN, November 12. /ARKA/. The share of problematic and nonperforming loans in Armenia’s economy is 8%, according to official statistical reports, but actually it is far larger, and this carries major risks, Manuk Yerghnyan, the head of the Economy and Values Armenian Research Center said in an exclusive interview with ARKA News Agency.

In his words, loan debts in the national economy grew 27% recently.
The economist said that many companies started financing each other, increasing repayment terms, as they had no available and cheap financial resources, and this indicates particular problems.

He said Armenian banks sustained unprecedented losses, about AMD 54 billion, this year as the central bank tightened its monetary policy and some risks emerged in economic environment.
The National Statistical Service of Armenia says overdue loans reached AMD 44.37 billion in late September after growing 3.7% over one month. Loans with prolonged terms grew as well – 1.8% to AMD 123.4 billion.

Credit investments shrank 1.4% to AMD 1 865.6 billion. ($1- AMD 482.65). —-0—-

spot_img

POPULAR

Fraudsters are issuing loans to Armenian citizens under the guise of utility company employees – the Central Bank has warned of a new scheme

The Central Bank of Armenia has recently received reports of a new financial fraud scheme in which criminals visit citizens' apartments posing as employees of utility companies, the regulator's press service reported.

State Revenue Committee of Armenia warned of a ban on export of cash rubles from Russia to Armenia and several other countries

The State Revenue Committee of Armenia reminded about the ban imposed by Russia on the export of cash rubles to Armenia and several other countries.

IDBank and Idram Hold Financial Literacy Session for Young Chess Players

IDBank and Idram continue their series of financial literacy sessions.

4.3% Inflation Recorded in Armenia in October  

Twelve-month inflation in Armenia's consumer market in October of this year was 4.3%, according to a report from the Statistical Committee of Armenia.

Board of the Central Bank of Armenia raised the monetary policy rate for the second time in a row, to 7%

At its meeting on Tuesday, the Board of the Central Bank of Armenia decided to raise the monetary policy rate by 0.25 percentage points, from 6.75% to 7%.

LATEST NEWS

spot_imgspot_imgspot_img