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Union of Banks of Armenia: Parties pledge to reduce interest rate on credit but how?

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Union of Banks of Armenia: Parties pledge to reduce interest rate on credit but how?

YEREVAN. - The pledges of political parties to reduce the interest rate on credit are not realistic, Executive Director of the Union of Banks of Armenia, Seyran Sargsyan, said on Saturday at a round table discussion organized by Alternativa analytical center.

According to him, the deputy candidates promise to ensure 3-4 percent interest rate in credit but it is unclear where they will get such cheap resources if money is borrowed from international organization at 6-7 percent. If the margin of local banks is added to this without considering their operating expenses, the figure will make up 9-10 percent.

In Sargsyan’s words, the profitability of the bank system in terms of percentage transactions and ass...

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