Thu, 4 September
30.1 C
Yerevan
USD: 384.03 RUB: 4.80 EUR: 443.29 GEL: 142.29 GBP: 510.11

Immovable property worth $700 million frozen at Armenia’s banks

YEREVAN, December 20. /ARKA/. Immovable property worth $700 million is frozen at Armenia’s banks, Gagik Makaryan, head of the Union of Employers of Armenia, told journalists on Monday.

In his words, the country’s banking sector now faces difficulties. The frozen real estate is mostly small and mid-scale businesses’ mortgaged immovable property.

Makaryan thinks this also creates stagnation in real estate sector.

In his opinion, the number of bankruptcies will be higher in 2016 than in 2015. The figure already exceeds AMD 10,000.

According to the Central Bank of Armenia, the share of nonperforming loans in Armenia’s banks was 9.3%. –0—-

spot_img

POPULAR

Cryptocurrency in Armenia: Stringent Regulations and Elevated Expectations

The future of cryptocurrencies in Armenia was a topic of discussion among participants at the Armenian Cryptocurrency Assets Forum, which recently took place in Yerevan.

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Measures to encourage cashless transactions discussed in Armenia

The Armenian government, chaired by Prime Minister Nikol Pashinyan, convened a meeting yesterday to deliberate on initiatives aimed at promoting cashless transactions, the government press service reported.

ArCa payment system reinstated

The Armenian Card (ArCa) payment system has been completely reinstated, according to a report from the company's press service.

Acba Bank’s 66th branch launched

Acba Bank has launched its 66th branch, "Homeplex Mall". The branch is open from Monday to Sunday from 09:00 to 24:00 (cash service: 09:00-21:15).

LATEST NEWS

spot_imgspot_imgspot_img