YEREVAN, March 22. / ARKA /. In the fourth quarter of 2012 the aggregate external debt of Armenia-based commercial banks and credit organizations grew to $1.17 billion from $1.06 billion in the third quarter, an increase of 10.4%, according to the Bulletin of the Central Bank of Armenia for the fourth quarter of 2012.

It said in the reporting period of time the commercial banks and credit organizations raised $759.7 million in foreign loans and spent $626.9 million to repay their external debts.

About 23.2 percent of the loans were long-term, of which 46 percent received from international lending institutions, 25.7 percent from Russia, 12.7 percent from the Netherlands and 6 percent from Luxembourg.

The average interest rate of credit resources raised by Armenian financial institutions in the fourth quarter of 2012 grew from the previous quarter to 6.4%.

About 40% of foreign loans were with floating interest rates (LIBOR, EURIBOR, etc.) with a five year maturity period. During the reporting period the share of short-term loans decreased to 9.5% of all raised loans. ($ 1 - 417.95 drams). -0-