YEREVAN, October 21. /ARKA./ Armenia's National Assembly has passed today in the first reading a set of changes to the Tax Code, which if approved in the final reading, would give the local commercial banks and credit organizations the right to forgive the credit obligations of the borrowers who have died in the war in the Nagorno-Karabakh or have become disabled. The changes will apply to military personnel and persons associated with them.

Deputy Minister of Finance Arman Poghosyan said that the banks would not only forgive the accrued fines and penalties, but also the principal amount of the loan. According to him, the adoption of this bill would not only forgive loans of the killed military and the disabled personnel, but also loans issued to their closest relatives: parents, spouses and children living with them.

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Converse Bank has started forgiving fines and penalties on individuals’ overdue loans, the bank’s press office reported on Wednesday

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Attended by bank executives, Prime Minister Nikol Pashinyan held a consultative meeting to discuss the problem of accumulated fines and penalties for agricultural and consumer loans, the government press office reported

Categories: Banks @en, General news, News, News of the hour, Новости | Comments Off on Armenian banks to forgive penalties and fines of 100,000 citizens

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Unibank has made a decision to forgive its individual customers’ fines and penalties for bad loans, which are calculated and reflected in the bank’s off-balance account

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