YEREVAN, August 23. /ARKA/. Starting from August 1 the Yerevan-based ACBA-CREDIT AGRICOLE BANK began forgiving fines and penalties on bad individual loans, accrued at the end of May 2018. The bank said today in a press release that a total of 433 loan obligations worth more than 188 million drams were forgiven over 10 days.

According to the bank, at the moment a sharp increase in the volume of forgiven fines is expected, due to unprecedented favorable conditions offered by ACBA-CREDIT AGRICOLE BANK for re-crediting of agricultural loans.

ACBA-CREDIT AGRICOLE BANK forgives fines on individual loans accrued as of May 31, 2018, which were recognized as uncollectible, but on condition that if borrowers agree to make flat payment of the remaining obligation or pay only interest and legal expenses.

In particular, borrowers should undertake to repay the remaining debts within a year without paying interest or they can receive a loan for a period of four years (refinancing, see table)

The process of forgiving will last until December 31, 2018. All those borrowers who want to take advantage of this opportunity should visit the branch that services them in order to learn the conditions for the forgiveness of obligations and submit an application.

ACBA was established in 1996 as part of EU’s TACIS program. As a result of a long-term and mutually beneficial cooperation between ACBA Bank and the French Credit Agricole the latter became the biggest shareholder of ACBA in 2006, September. ACBA was restructured, becoming a closed joint stock company and was renamed ACBA CREDIT AGRICOLE BANK. ($ 1 - 482.87 drams). -0-