YEREVAN, October 28. /ARKA/. Armenian commercial banks will award the so-called 'credit holidays' to those borrowers who are now fighting in Nagorno-Karabakh against the Azerbaijani aggression, Deputy Finance Minister Arman Poghosyan said at a press conference on Wednesday, adding that their decisions is voluntary.

He said there is no law that would oblige banks to forgive its borrowers credit obligations.

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Credit organizations in Armenia will award credit holidays to those borrowers who have volunteered or were called up to the armed forces for the entire period of marshal law, declared after the large-scale offensive by Azerbaijan against Nagorno-Karabakh, the Union of Credit Organizations said in a statement today

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The so-called “credit holidays” granted to thousands of borrowers in Armenia can cause major damage to the country’s s banking system, while writing off fines and penalties on loans can force banks to declare bankruptcy, Deputy Chairman of the Central Bank Nerses Yeritsyan told a parliament-hosted discussion on banks’ problems today

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More than 550,000 individuals and 17,400 legal entities in Armenia have been awarded the so-called credit holidays, Prime Minister Nikol Pashinyan said at a government meeting on Thursday

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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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