YEREVAN, August 1. /ARKA/. The Yerevan-based Araratbank has announced a 1% cut in the interest rates on mortgage loans from July 31. It said in a news release that mortgage loans in Armenian drams are provided at 10% interest rate and a repayment period of 20 years.

In addition, the bank has cut interest rates on mortgage loans under the "Affordable Housing for Young People" program. In particular, the rate under this program is 8% for residents of the capital city Yerevan and 4% for residents in the regions of the country.

Araratbank, established in 1991 is owned by Flash oil trader (72.73%), EBRD (18.33 %%) and RURAL IMPULSE FUND II SA SICAV SIF -8.58%. It joined NASDAQ OMEX Armenia stock exchange in 2009. ($ 1- 482.73 drams).