Car loans by Armenian banks drop by 34 percent in 2015

12.03.2016 16:32
Car loans by Armenian banks drop by 34 percent in 2015

YEREVAN, March 12. /ARKA/. The amount of car loans provided by Armenian banks in 2015 slashed by 34.2 percent from the previous year to 13.5 billion drams, according to Central Bank’s data. It also said the amount of car loans provided in the national currency totaled 3.46 billion drams, while the amount of loans in foreign currency was the equivalent of 121.2 million drams.

The drop in car loans last year was consonant with the drop in consumer loans. The latter fell by 6.3% last year to 423 billion drams.

The slowdown in lending in 2015 was prompted by the overall economic situation in the country, including the decline in remittances that in turn affected the purchasing power of the population and the decline in foreign trade that affected the business activity. -0-


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