YEREVAN, January 18. /ARKA/. A new universal credit organization called VARKS AM has opened in Armenia, the organization said on its page on Facebook. According to the Central Bank, it is the 34th registered credit organization in Armenia.

The new credit organization was registered by the regulator on November 8, 2016 and received Central Bank’s license N41.

The authorized capital of the credit institution is said to be worth 200 million drams. The sole shareholder and founder is a Latvia-registered EC Investments.

The main objective of the company is the provision of consumer loans across Armenia. It plans to win 1-2% of the local consumer credit market.

Loans are available to residents of Armenia aged 21 and older in Armenian drams for a period of 7-30 days in the amounts from 10, 000 to 250, 000 drams. The nominal annual interest rate is 24%, however, the actual rate appears to be 60%- 65% .- 0-