Armenian banks allowed forgiving borrowers’ debt repayment delay

YEREVAN, June 12. /ARKA/. At their extraordinary meeting held Monday, the Armenian Cabinet ministers gave their approval to amendments to the tax law, which allow banks in Armenia to forgive the fines and penalties imposed on the citizens for delay in loan repayment.

“These amendments apply only to those individuals whose loans had been recognized unrecoverable before May 31,” Finance Minister Atom Janjughazyan said Monday presenting the law.

Banks are allowed not to pay profit tax from such lifted fines and penalties, while before they had to pay this tax regardless of whether the fine was paid or not.

The minister also stressed that the remission of fines doesn’t mean exemption from payments on the basic sum.

The initiative is not mandatory – banks are left with an option to forgive borrowers or not.

Besides, in accordance with the amendments, the remission is possible only in the event of the basic sum payment within 90 days.

Prime Minister Nikol Pashinyan said that this decision is also aimed at removing tension from relations between banks and borrowers.

The amendments let citizens and banks to remove the borrowers’ bad records and begin their relationship from a new page. -0—-

spot_img

POPULAR

Russian ruble exchange rate in Armenia exceeded 5 drams: Central Bank of Armenia

The average market exchange rate for the US dollar to the Armenian dram, formed on the Armenian foreign exchange market as of May 13, 2026, increased by 0.01 points compared to May 12, reaching 368.63 drams.

EBRD invested €3 billion in Armenia through 245 projects – Falcetti

The European Bank for Reconstruction and Development (EBRD) is one of the leading institutional investors in Armenia, and to date has invested over €3 billion in Armenia through 245 projects, 85% of which are in the private sector.

“Cannot deliver your package”. IDBank warns about fake messages from ‘’HayPost’’

In Armenia, a wave of mass messages is being recorded that exploit trust in the national postal operator HayPost. Attackers use the expectation of the package as a fake reason to steal banking data or install spyware on users’ smartphones.

Union of Banks: SMEs account for approximately 37% of Armenia’s economy and receive 60% of business loans

Small and medium businesses account for approximately 37% of Armenia's economy and receive approximately 60% of business loans, stated Daniel Azatyan, Chairman of the Union of Banks of Armenia.

Euro and ruble exchange rates against the Armenian dram rose, while the dollar weakened: Central Bank

The average market exchange rate for the US dollar against the Armenian dram, formed on the Armenian foreign exchange market as of May 11, 2026, decreased by 0.05 points compared to May 8, to 368.96 drams.

LATEST NEWS

spot_imgspot_imgspot_img