Share of Armenian banks' bad assets grows to 7.1 percent

04.05.2021 23:01
Share of Armenian banks' bad assets grows to 7.1 percent

YEREVAN, May 4. /ARKA/. The share of “bad” assets of Armenia-based banks is currently 7.1%, said the chairman of the Central Bank Martin Galstyan.

“Naturally, for consumer loans, the percentage of bad assets is higher than for business or agricultural loans,” he said at a press conference on Tuesday.

According to Galstyan, the share of bad assets has grown from 6.6% in the last quarter of 2020 to 7.1% in the first quarter of 2021.

According to the Central Bank, as of September 8, Armenian banks provided "credit holidays" in the amount of 1.3 trillion drams. Armenian banks were also involved in the government's anti-crisis programs designed to neutralize the consequences of the coronavirus crisis, providing credit resources to business entities on preferential terms.

On October 21, 2020, the National Assembly adopted a set of amendments to the Tax Code, which gave banks and credit organizations the right to  write off the credit obligations ( not only fines and penalties but also the principal amount) of military personnel who died or become disabled (during the war in Nagorno-Karabakh) and related persons. ($1 - 520.88 AMD) -0-

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