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

Armenia’s total public debt as of June 2026 amounted to $13.9 billion

Armenia's total public debt as of June 30, 2026, amounted to $13,900.932 million, an increase of $8.476 million compared to May 31, 2026, according to a report by the Statistical Committee of Armenia.

Capital of Armenian credit institutions increased by 2.82% in the first half of 2026 compared to the beginning of the year, exceeding 467 billion...

The total capital of Armenian credit institutions in the first half of 2026 amounted to 467.14 billion drams, an increase of 1.99% compared to the end of the first quarter and 2.82% compared to the beginning of the current year.

Dollar and euro exchange rates against the Armenian dram rose, while the ruble weakened: Central Bank

The average market exchange rate for the US dollar against the Armenian dram, formed on the Armenian foreign exchange market, increased by 1.03 points on August 4, 2026, compared to August 3, to 367.01 drams.

Loan and leasing portfolio of Armenian credit institutions in the first half of 2026 amounted to 681.8 billion drams

YEREVAN, August 10. /ARKA/. As of June 30, 2026, the total loan investment and leasing portfolio of Armenian credit institutions reached 681.8 billion drams, reflecting a 1.64% increase from the previous quarter and a 3.23% rise since the start of the year.

Armbanks Weekly Digest: Key Events in the Armenian Financial Market (August 3-9)

Armenia's financial agenda last week was determined by the Central Bank's maintenance of current monetary conditions, indicators of the banking and non-banking credit sectors, capital market activity, the state of public debt, and decisions on attracting financing from international financial institutions.

LATEST NEWS

spot_imgspot_imgspot_img