YEREVAN, November 15. /ARKA/. The Central Bank of Armenia is concerned over the fast growth of consumer loans portfolio, Arthur Javadyan, the chairman of the regulator said on Thursday during discussion of the 2020 draft government budget at a regular cabinet meeting.
“We are now thinking over the growth slowdown, not over freezing these loans, and therefore we are planning stricter loan-to-salary criteria,” he said.
Javadyan said that measures are being taken to move financial means from consumers lending to business lending. Along with that, he said that particular steps are being taken to enhance the population’s financial literacy.
According to the central bank’s reports, the aggregate loan portfolio of Armenian banks amounted to AMD 776.6 billion in late April 2019 after growing 39.6% or by AMD 220.4 billion ($459 million). ($1 – 477.51). -0—
