YEREVAN, August 22. / ARKA /. Interest rates on loans provided by Armenia-based banks continue to decline, updating historical lows, according to the latest data of the Central Bank of Armenia.

The average interest rate on loans provided in Armenia’s national currency, the dram, repayable over 12 months, was 11.87% in July 2018. It was the lowest rate since 2000 .

The average interest rate on loans in drams repayable over 12 months were lower by 1.38 percentage points compared to the previous month. Compared to January, they were down by 1.98 percentage points. Over the last 5 years the rate was down by 4.20 percentage points.

The average interest rate on long-term loans (repayable over more than a year) in July was 12.5%, having decreased by 0.21 pp from the previous month. Compared to January – it was down by 1.01 percentage points. Over the last 5 years it fell by 5. 05%.

The cost of loans in US dollars repayable over 12 months has fallen to 7.85%, having decreased by 0.65 pp from the previous month of June , while loans repayable over more than 12 months fell by 0.15 percentage points to 9.15%.

In March 2017, the Central Bank suspended the easing of monetary policy, setting the refinancing rate at 6%, which is still maintained. During 2016, the rate was reduced 8 times. -0-