Armenian banks’ credit portfolio surge by 99 billion drams in 3 months, Pashinyan says

YEREVAN, August 18. /ARKA/. Addressing tens of thousands of people who rallied in downtown Republic Square in Yerevan on August 17 evening to mark the  first 100 days of his government, Armenian Prime Minister iNikol Pashinyan said the overall credit portfolio of Armenia-based banks surged by 99 billion drams over the last 3 months.

He said this means that this money was borrowed by citizens and invested in business.  According to him, the recent political turmoil has not affected the country’s economy, which has not only avoided a downturn but is continuing to grow robustly, showing 9.6% growth in June, the first post-revolution month. He added that there is every reason to assert that the economic activity will continue to grow.

Pashinyan said banks' deposits increased by 116 billion drams or by about $250 million. "These are  individual and corporate deposits, suggesting  that Armenian citizens and our compatriots from Diaspora have confidence in future economic growth," the prime minister said. Pashinyan said also that Armenia exported as much fruits and vegetables in the first 7 months as in 12 months last year.

"I want to report to you that in three months the tax authorities collected by 28.8 billion drams more taxes than in the same time span of 2017," he said. According to the prime minister, all these figures mean that Armenia has entered the stage of economic victories.

"We want to change the current economic model because citizens do not feel the benefits of economic growth. We will replace it with an inclusive system, in which citizens will have equal opportunities to engage in entrepreneurship and everyone will be equal before the law and  tax authorities, "Pashinyan said.
As for the monopolies, according to the prime minister, "all of them were eliminated in the first 45 minutes of his rule." ($ 1 - 483.14 drams) -0-