Around AMD 600 billion lent to farmers in Armenia over last four years
06.07.2017,
14:50
Over the last four years, banks have lent around AMD 600 billion to farmers in Armenia, Arthur Javadyan, head of the Central Bank of Armenia, said Thursday in the National Assembly at the 2016 government budget execution discussion.
YEREVAN, July 6. /ARKA/. Over the last four years, banks have lent around AMD 600 billion to farmers in Armenia, Arthur Javadyan, head of the Central Bank of Armenia, said Thursday in the National Assembly at the 2016 government budget execution discussion.
“About AMD 90 billion has been provided to farms as subsidized loans at a 8% interest rate,” he said.
Javadyan said that interests were lower than before.
Mortgage lending interest rates were significantly downed, he said. The mortgage loans total AMD210 billion today. They are available everywhere at a 12-percent interest rate maximum.
There are special programs, such as mortgage loans for young families and specialists. They are available at 8.5% in Yerevan and 6.5% in provinces.
According to Javadyan, banks’ aggregate consumer loan portfolio amounts to AMD 452 billion now.
Farmer and industrial loans together exceed consumer loans twice.
Asked by Mikael Melkumyan, Tsarukyan faction head, what steps are being taken to ease the debt burden of farms stricken hard recently by hail in Armavir, Javadyan said hail has inflicted damage to nine communities.
“We have conducted a study working with banks and credit organizations which have lent money in these communities,” he said. “We have information about the number of the damaged units and on the damage inflicted. In this context, we invent nothing new, since this would be wrong in regard to those who had been harmed in the past. We do the same – banks apply individual approach to all borrowers.”
Individual approach, he said, implies loan repayment adjournment, extension of grace periods in some cases and the lowering of interest rate in all cases when it is higher than 15% and in some cases 11%. --0----
“About AMD 90 billion has been provided to farms as subsidized loans at a 8% interest rate,” he said.
Javadyan said that interests were lower than before.
Mortgage lending interest rates were significantly downed, he said. The mortgage loans total AMD210 billion today. They are available everywhere at a 12-percent interest rate maximum.
There are special programs, such as mortgage loans for young families and specialists. They are available at 8.5% in Yerevan and 6.5% in provinces.
According to Javadyan, banks’ aggregate consumer loan portfolio amounts to AMD 452 billion now.
Farmer and industrial loans together exceed consumer loans twice.
Asked by Mikael Melkumyan, Tsarukyan faction head, what steps are being taken to ease the debt burden of farms stricken hard recently by hail in Armavir, Javadyan said hail has inflicted damage to nine communities.
“We have conducted a study working with banks and credit organizations which have lent money in these communities,” he said. “We have information about the number of the damaged units and on the damage inflicted. In this context, we invent nothing new, since this would be wrong in regard to those who had been harmed in the past. We do the same – banks apply individual approach to all borrowers.”
Individual approach, he said, implies loan repayment adjournment, extension of grace periods in some cases and the lowering of interest rate in all cases when it is higher than 15% and in some cases 11%. --0----
