YEREVAN, April 2. / ARKA /. The Armenian government on Thursday has declined a bill tabled by the Orinats Yerkir party suggesting that individual loans in foreign currency be converted to loans in the national currency, the dram.

The party’s parliamentary faction argued that the conversion will prevent thousands of citizens of Armenia from going bankrupt because of being unable to repay loans in foreign currency due to the weakening dram.

Finance minister Gagik Khachatryan said the conversion is impossible. He explained that the banks must repay loans they attracted from foreign banks and international organizations in hard currency and the proposed conversion would create very serious risks for them.

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Tags: BILL, conversion, government, LOANS

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Government bill to exempt businessmen from VAT.

Categories: Economy @en, News | Comments Off on Government bill to exempt businessmen from VAT

Tags: Armenia, BILL, government

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