Mon, 16 June
23.1 C
Yerevan
USD: 384.44 RUB: 4.83 EUR: 434.11 GEL: 140.51 GBP: 515.15

‘Bad’ loan assistance program launched in Armenia: 1000 applications already submitted

YEREVAN, February 12. /ARKA/. A scheme designed by the Armenian government to support citizens with bad loans started  on February 1 with 1000 beneficiaries having already submitted online applications,  Deputy Minister of Labor and Social Affairs David Khachatryan said today.

“The scheme will run until January 31, 2026. Those who do not have ID cards can apply for assistance by visiting a Unified Social Service center,” Khachatryan said at a press conference on Wednesday.

According to him, as of October 2024, there were about 220,000 individuals with “bad” loans.

“They can receive state support under the scheme if at least one loan is issued to them by a lending organization licensed by the Central Bank. They will be written off most of the fines and penalties accrued due to violation of the repayment schedule. Also, in order to become beneficiaries of the program, they must be officially employed,” Khachatryan said.

He explained that the issue is about loans up to AMD 1 million, which are classified as “bad” with an overdue repayment period of at least three years.

“If the loan amount is higher than AMD 1 million, the citizen should pay the difference, after which he/she should apply for involvement in the program,” Khachatryan said.

Earlier, Minister of Labor and Social Affairs Narek Mkrtchyan said that according to the government’s decision, financial assistance will be provided for a maximum of 24 months.

The amount of assistance will be equal to the amount of income tax payments;

 20% will be deducted from the salaries of the beneficiaries of the program for debt repayment, instead of 50%, as before. At the same time, banks are ready to write off up to 80% of fines and penalties to debtors.-0-

spot_img

POPULAR

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Central Bank of Armenia will develop a by-law for the implementation of the law “On crypto assets”

The Central Bank of Armenia will begin work on developing a by-law after the adoption of the law "On crypto assets", said the head of the regulator Martin Galstyan, answering a question from the ARKA news agency.

Armenia’s banking system dominates the financial system’s asset structure with a share of 83% and an indicator of 11 trillion drams – head of...

The assets of the banking system continue to make up the overwhelming majority of the financial system's assets - about 83%, or about 11 trillion drams, said the head of the Central Bank of the republic Martin Galstyan, presenting a report on financial stability for the past year.

Freedom Broker Armenia analytics: A practical tool for navigating the market

Freedom Broker Armenia is strengthening its expert support for investors through the development of its own analytical platform.

Euro to Armenian dram exchange rate fell by 3.77 points

The average market exchange rate of the US dollar to the Armenian dram, formed on the Armenian currency market as of June 13, 2025, fell by 0.25 points compared to June 12 and amounted to 383.23 drams.

LATEST NEWS

spot_imgspot_imgspot_img