YEREVAN, September 22. /ARKA/. As part of a string of assistance measures designed by the government of Armenia to help companies and citizens offset the consequences of the coronavirus crisis, local banks have provided loans to the tune of 119 billion drams, the Union of Banks of Armenia said in a statement.

It said, within the framework of the first and second anti-crisis measures, Armenia-based banks approved of 25,885 loan applications for a total amount of more than 119 billion drams.

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Over 470,000 individuals and 15,500 legal entities in Armenia have been awarded credit holidays because of the coronavirus pandemic, Prime Minister Nikol Pashinyan said on Thursday during a government meeting

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Armenian Prime Minister Nikol Pashinyan, speaking Wednesday in the National Assembly, said the country’s financial system has quickly recovered amid COVID-19

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Some 973 million drams (over $1.8 million) have been raised so far to support the Armenian government’s efforts to contain the spread of coronavirus Covid 19, the Ministry of Finance reported

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“HSBC Bank Armenia” CJSC (HSBC Armenia) will be allocating AMD15 million to COVID19 relief and recovery effort in Armenia, the Bank said today in a press release.. It said the funds will be donated to the Armenian Red Cross Society (ARCS), which will identify the most pressing humanitarian needs of vulnerable groups in the country and provide both immediate as well as medium and long-term response

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Some 887 million drams (over $1.8 million) have been raised so far to support the Armenian government’s efforts to contain the spread of coronavirus Covid 19, the Ministry of Finance reported

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The damage to the Armenian economy from the coronavirus in the base scenario will amount to $ 1.53 billion (or 11.2% of the 2019 GDP), according to a study by Vahram Avanesyan, a former minister of economy of Armenia, published on the website of the Russian-Armenian University

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Armenian banking sector fundamentals will weaken as a result of the coronavirus shock, captured by the negative banking sector outlook for 2020, Fitch Ratings said in a report after revising the outlook on Armenia’s Long-Term Issuer Default Ratings (IDR) to negative from stable and affirmed the IDRs at ‘BB-‘.

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Speaking at a news conference today, Armenian Deputy Prime Minister Mher Grigoryan commented on the need to reduce cash flow in the country and switch to cashless payments as part of the fight against the spread of coronavirus

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Some 691.5 million drams (almost $1.4 million) have been raised so far to support the Armenian government’s efforts to contain the spread of coronavirus Covid 19, the Ministry of Finance reported

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