Interest Rate Uptrend in Armenia’s Banking System
30.09.2008,
23:06
Armenia’s banking system is recording an uptrend in interest rates Ararat Ghukasyan, the General Manager of Conversebank, told reporters in Armavir yesterday, commenting upon the influence of similar international trends on Armenia.
ARMAVIR, September 30. /ARKA/. Armenia’s banking system is recording an uptrend in interest rates Ararat Ghukasyan, the General Manager of Conversebank, told reporters in Armavir yesterday, commenting upon the influence of similar international trends on Armenia.
“The rise in interest rates will depend on the efficiency of the steps the countries take to improve the international situation,” he said.
Vache Gabrielyan, the Deputy Chair of the Central Bank of Armenia (CBA), had earlier stated the interest rate changes will depend on the banks’ financial sources.
The CBA is consistently increasing interest rates. The current annual refinancing rate is 7.75% against 5.75% early this year. The CBA also increased the interest rates on deposits attracted from banks from 2.75% to 4.75% and on collateral loans from 8.75% to 10.75%.
The REPO market is recording an uptrend in interest rates as well. –0—
“The rise in interest rates will depend on the efficiency of the steps the countries take to improve the international situation,” he said.
Vache Gabrielyan, the Deputy Chair of the Central Bank of Armenia (CBA), had earlier stated the interest rate changes will depend on the banks’ financial sources.
The CBA is consistently increasing interest rates. The current annual refinancing rate is 7.75% against 5.75% early this year. The CBA also increased the interest rates on deposits attracted from banks from 2.75% to 4.75% and on collateral loans from 8.75% to 10.75%.
The REPO market is recording an uptrend in interest rates as well. –0—
