Some 64 billion drams of Russian stabilization loan provided to Armenian commercial banks

15.06.2011 12:17
Some 64 billion drams of Russian stabilization loan provided to Armenian commercial banks

YEREVAN, June 15. / ARKA /. Some 64 billion drams of the Russian stabilization loan were provided to Armenian commercial banks and 88.5 billion drams were used to refinance 3,724 loans, the chairman of the Central Bank of Armenia Artur Javadyan said June 14.

On 12th of June 2009 Russia ransferred the $500 million loan to the Central Bank of Armenia that was given at a discount LIBOR rate plus 3% to help the Armenian government stabilize the economy hit by the ccrisis.

"The Armenian government provided 60.5 billion drams of that loan to the financial sector in 2009, another 5 billion drams in 2010, and another one billion drams recently to co-finance Computers for All program," he said at a press conference.

He noted also that 2,572 loans were extended to finance SMEs, 732 were mortgage loans, 28 loans were released to encourage exports, 30 loans were given to processing companies, 28 loans were extended to infrastructure development and tourism sectors, 9 loans to transport and 325 as consumer lending.

"The average size of a credit extended to SMEs was 14.3 million drams, a mortgage lending was 7.4 million drams, and the average amount of a consumer loan was 3.4 million drams," he said.

He said also these loan programs were quite effective, the volume of non-performing loans was less than 2%. -0-


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