Armenian Central bank to earmark 5 billion drams for mortgage fund’s establishment
30.12.2008,
02:30
The Central Bank of Armenia (CBA) plans to earmark 5bln drams for the establishment of the first mortgage fund in the country in 2009, CBA Chairman Arthur Javadyan said today at a reception in the Central Bank.
YEREVAN, December 29. /ARKA/. The Central Bank of Armenia (CBA) plans to earmark 5bln drams for the establishment of the first mortgage fund in the country in 2009, CBA Chairman Arthur Javadyan said today at a reception in the Central Bank.
Establishment of mortgage funds and companies is among Armenia’s short-term objectives, the CBA chairman said, pointing out elaboration of a relevant concept. “Moreover, the Central Bank will assign 5bln drams from its capital expenditures for the establishment of the first mortgage fund in 2009,” he added.
Twenty-two banks with 367 branches operated in Armenia as of September 30, 2008. Total assets and capital of Armenia’s banks amounted to 954.1bln drams and 214.9bln drams respectively, with their liabilities reaching 739.2bln drams.
Total assets of local bank are around 27% of the country’s GDP, with crediting of economy reaching 617.5bln drams in end-2008, compared to 434.5bln drams earlier this year. Consumer loans totaled 172.5bln drams, with mortgage loans amounting to 81bln drams.($1- 308.01 drams). –0—
Establishment of mortgage funds and companies is among Armenia’s short-term objectives, the CBA chairman said, pointing out elaboration of a relevant concept. “Moreover, the Central Bank will assign 5bln drams from its capital expenditures for the establishment of the first mortgage fund in 2009,” he added.
Twenty-two banks with 367 branches operated in Armenia as of September 30, 2008. Total assets and capital of Armenia’s banks amounted to 954.1bln drams and 214.9bln drams respectively, with their liabilities reaching 739.2bln drams.
Total assets of local bank are around 27% of the country’s GDP, with crediting of economy reaching 617.5bln drams in end-2008, compared to 434.5bln drams earlier this year. Consumer loans totaled 172.5bln drams, with mortgage loans amounting to 81bln drams.($1- 308.01 drams). –0—
