Ministry of finance: lending rates to start dropping in Armenia in next months

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Economy

29.08.2009, 18:11

Lending rates are to start going down in Armenia in the next months, Armenian Minister of Finance Tigran Davtyan told a press conference in Novosti international press center.

YEREVAN, August 28. /ARKA/. Lending rates are to start going down in Armenia in the next months, Armenian Minister of Finance Tigran Davtyan told a press conference in Novosti international press center.

Davtyan pointed out that interest rates are still high in the Armenian lending market today due to real risks under the crisis.

But the dynamics started changing, and the vast amount of money invested by the government in the economy and in the banking system in particular will allow increasing the offer, Davtyan said.

Hundred millions of dollars will help start reducing loan rates and make credits affordable to small and medium enterprises, he said. The process has started but slower than expected, he added.

The current rates hardly promote economic development.

Davtyan stressed the importance of expectations that need to be guided to a positive course for achieving a rate reduction and for developing the mortgage market.

According to him, mortgage fund to be created is also to promote development of the mortgage market. Substantial amounts are to be allocated to this fund, the Minister said. This will help the banking system gain “inner” peace and start active lending process.–0---

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