Mon, 30 June
16.1 C
Yerevan
USD: 384.32 RUB: 4.89 EUR: 450.23 GEL: 141.11 GBP: 527.56

Armenian minister of agriculture has no solution for high-interest rate loans

YEREVAN, February 17. /ARKA/. The ministry of agriculture does not know how to solve the problem of high interest rates on agricultural loans, Armenian minister of agriculture Ignaty Arakelyan told a news conference today.

“I have no solutions. It is the most difficult question today that should be tackled by the Central Bank and other banks. I am aware that discussions on this are in progress,” Arakelyan said.

According to the minister, local banks are also in dire straits. They have unpaid loans. Speaking about insolvent farmers who take loans at high interest rates from commercial structures (up to 24%), Arakelyan said it is their personal choice.

According to statistical data, the share of non-performing and written-off assets of Armenian residents stood at 6.13% at the end of 2016. In agriculture, the share of non-performing assets at the end of December 2016 stood at 0.52%.

According to the Central Bank, agricultural loans provided to residents amounted to 136.3 billion drams as of late 2016, a decline of 0.98% from the previous year. Agricultural loans in Armenia are available at 14% interest rate, 6% of which are subsidized by the government. -0-

spot_img

POPULAR

ADB lowers Armenia’s economic growth forecast for 2025 to 5%, 4.7% expected in 2026

The Asian Development Bank has lowered Armenia's economic growth forecast for 2025 to 5%, said Don Lambert, ADB Country Director for Armenia.

Armenia’s top 5 banks by asset size for Q3 2023

According to ARKA news agency's quarterly bulletin 'Banks of Armenia,' the top 5 commercial banks of Armenia by asset size as of 30.09.2023 were Ardshinbank, Ameriabank,  Armbusinessbank, Acba Bank and Inecobank

US dollar exchange rate unchanged, euro and ruble rise

The average market exchange rate of the U.S. dollar to the Armenian dram on March 7, 2025, remained at 394.58 drams, unchanged compared to March 6.

ADB forecasts inflation in Armenia at 3% in 2025 and 2.8% in 2026

The Asian Development Bank (ADB) forecasts inflation in Armenia at 3% in 2025, said Don Lambert, Director of the Bank’s Resident Mission in Armenia.

Byblos Bank Armenia becomes CaseKey strategic partner

Byblos Bank Armenia has become the strategic partner of the CaseKey Business Case Competition, emphasizing the importance of continuous investment in promising educational programs.

LATEST NEWS

spot_imgspot_imgspot_img