Sat, 5 April
10.1 C
Yerevan
USD: 391.22 RUB: 4.63 EUR: 431.28 GEL: 142.08 GBP: 508.39
spot_img

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

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Ranking of Armenia’s most profitable banks in 2024

ARKA news agency has released a ranking of the most profitable commercial banks in Armenia in 2024.

Top 10 banks of Armenia by loan portfolio for 1st H 2020

ARKA News Agency has singled out ten banks for their big loan portfolios as of June 30, 2020

Cryptocurrency can open up great opportunities for Armenia — Henri Arslanian

Cryptocurrency can open up great opportunities for Armenia, says HenrI ArslanIan, co-founder of Nine Blocks Capital Management, author of the bestselling books in the field of financial services "The Future of Finance" and "The Book of Cryptocurrency".

Russian president gives Yerevan-based Balchug Capital permission to buy Gazprom, Inter RAO, and LUKOIL shares from Goldman Sachs

Goldman Sachs International will be able to sell minority stakes in a number of Russian blue chips to Balchug Capital CJSC, the same company that received permission from Russian authorities to buy the local banking unit of the American financial group.

LATEST NEWS

spot_imgspot_imgspot_img