YEREVAN, April 4. / ARKA /. Armenian president Serzh Sargsyan said today the Central Bank and the government will combine their efforts to mitigate the aftereffects of severe damage caused to farmers by an unprecedented cold that swept through Armenia on the last two days of March as he had a working meeting with senior members of the regulator.
The president said the banks should revise the repayment period and ease the terms of loans provided to farmers in the affected communities.
According to some estimates, the cold has killed early blossoms in almost 90 percent of apricot orchards, the main export fruit of the country.
The president recalled last year’s moves of the banks which re-registered loans provided in foreign currency to farmers as loans in the national currency.
“Such moves are important for the future of the people so that they feel more secure," he said.
He said the government will continue to subsidize part of interest rates of agricultural loans. According to the president, if there are other tools and means which could be used to ease the brunt of the people, they should be employed.
According to Sargsyan , although the frost has caused heavy damage to agriculture, it is a good chance for the banks to demonstrate that they are deeply interested in economic development. -0-