Hraparak: CBA chairman instructs bankers to continue crediting

‘Hraparak’ says that following the ‘currency boom’, the Armenian banks stopped providing loans, particularly dram loans. Even after the national currency – the dram relatively appreciated, it was assumed that the stabilization of the financial market was a fragile process and fluctuations in the currency market might begin again at any time, especially after the New Year holidays.

“But there is another reason: people were applying for loans mostly to repay their dollar loans. As a result, there were price increases in food and other stores as well as in the real estate market – due to the refusal to provide mortgage credits,  apartment rents grew sharply,” the paper writes.

According to ‘Hraparak’, yesterday Chairman of the Central Bank of Armenia Arthur Javadyan ‘instructed’ bankers to continue crediting, which caused bankers’ discontent, despite their silence.