YEREVAN, August 13. /ARKA/. ACBA-CREDIT AGRICOLE BANK will not be raising rates, at its sole discretion, on the loan that are already in repayment, says the bank’s press release.

The recent allegations that Armenian commercial banks, at their sole discretion, are raising the interest rates on loan agreements that were signed with clients before, has never been true. ACBA-CREDIT AGRICOLE BANK makes an official statement saying that it has never used this practice and will not be using it in future, according to the report.

Interest rates on loan that are already in repayment are determined by the rate fixed in the loan agreement signed earlier and cannot be changed at one’s sole discretion, the bank said urging the clients to immediately call ACBA-CREDIT AGRICOLE BANK, 31-88-78, if such information is available.

ACBA was established in 1996 as part of EU’s TACIS program. As a result of a long-term and mutually beneficial cooperation between ACBA Bank and the French Credit Agricole the latter became the biggest shareholder of ACBA in 2006, September. ACBA was restructured, becoming a closed joint stock company and was renamed ACBA CREDIT AGRICOLE BANK. -0--