Banks in Armenia forgive 15,000 citizens’ fines and penalties on overdue loans - Pashinyan

27.12.2018 14:58
Banks in Armenia forgive 15,000 citizens’ fines and penalties on overdue loans - Pashinyan

YEREVAN, December 27. /ARKA/. As a result of the legislative changes implemented by the Armenian government in July 2018, banks have forgiven fines and penalties totaling AMD 7 billion (USD 14.4 million) to 14,963 borrowers, Armenian Acting Prime Minister Nikol Pashinyan posted Thursday on his Facebook page.

He said 124,000 credit histories of bank clients had been reconsidered.

“This process will be longstanding – citizens having bad loans should visit their banks to adjust their fines and penalties,” he said.

At its session held on June 21, the Armenian National Assembly amended the tax code to allow banks to forgive the fines and penalties imposed on citizens for delaying loan payments.

The decision applies to the payments delayed for 271 days and more as of May 31, 2018.

Some banks apply the same approach also to small and mid-scale businesses. --0---


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