YEREVAN, March 26. /ARKA The economic pressures resulting from the spread of the coronavirus and the lower oil price are credit negative for banks in Russia and neighbouring markets, and could result in negative rating actions, Fitch Ratings says. Fitch has revised banking sector outlooks to negative for seven of the eight markets it covers in the region - Russia, Ukraine, Kazakhstan, Armenia, Azerbaijan, Belarus and Georgia. The banking sector outlook for Uzbekistan remains stable.

The degree of pressure on banks will depend on the extent and duration of economic slowdowns, the specific exposures of national economies and external finances (for example to lower oil prices, tourism revenues or remittances), the policy responses of national authorities, and individual banks' business profiles, risk exposures and financial metrics going into the slowdown.

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Taking into account the fact that due to the situation around the spread of coronavirus /COVID-19/, some customers of “HSBC Bank Armenia” CJSC may face problems in meeting the loan obligations stipulated in their agreements, as well as with the purpose of assisting its customers in overcoming their financial difficulties, the Bank provides some preferences to clients

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Unibank said it has transferred 10 million drams to support the efforts of the Ministry of Health of Armenia to combat the coronavirus infection

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Some 100 million drams (almost $225 thousand) 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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Armenia’s financial system continues to work in normal mode, the Central Bank said in a statement today

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The Central Bank of Armenia has clarified the situation on loan repayments amid the risk of the spread of coronavirus

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In connection with the spread of coronavirus in Armenia, local banks will take an individual approach to customers so that they do not face the problem of repaying loans, Armenian Prime Minister Nikol Pashinyan said during a live broadcast on his Facebook page

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The Armenian central bank said on Thursday it would gradually replace used banknotes with new ones to try to prevent the spread of coronavirus and advised people to avoid making cash payments where possible

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No signs of serious economic crisis seen in Armenia because of coronavirus, Martin Galstyan, a member of the board of the Central Bank of Armenia, said Tuesday in an interview with the Public Television of Armenia

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The impact of coronavirus on the global economy and the Armenian economy will be short-term, according to the Central Bank of Armenia. It said it was closely monitoring the developments in the global economy in connection with the coronavirus

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