Central bank warns pawnshops against providing loans in foreign currency

22.03.2016 13:55
Central bank warns pawnshops against providing loans in foreign currency

YEREVAN, March 21. /ARKA/. Armenia’s Central Bank has warned today pawnshops against providing loans in foreign currency saying it is illegal.

The regulator said that according to the Armenian legislation, pawnshops operating in the country can provide only short-term consumer loans, secured by a pledge of movable property for private use and only in the national currency, the dram.

"Given the above, the regulator informs that provision of loans in foreign currency by pawnshops is illegal. We advise that all such instances be reported to the Central Bank ", it said.-0-


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