Hrant Bagratyan: loan interest rates cannot be lowered in ArmeniaJanuary 14, 2011 - 14:54 AMT PanARMENIAN.Net - Armenian former prime minister Hrant Bagratyan said that gross assets of Armenia’s commercial banks continue reducing, while the demand for loans is decreasing from day to day. “The refinancing rate of the Central Bank of Armenia is too high, thus, commercial banks cannot lower loan interest rates. And if the Central Bank of Armenia decreases the refinancing rate, 9.4% inflation rate will grow to make 20%,” Bagratyan told a press conference on January 14, answering a PanARMENIAN.Net reporter’s question. According to him, only struggle against monopolists can assist in overcoming the situation. “The Armenian government will not take this action. Thus, it is impossible to lower loan interest rates in the country. They can be decreased by maximum 0.5%, what will not have a significant impact,” concluded Bagratyan. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | European Parliament to discuss repression in Azerbaijan The European Parliament will discuss repression of civil society in Azerbaijan on April 24 PACE wants concessions from Azerbaijan to accept Baku back A PACE co-rapporteur said that Azerbaijani authorities must make certain concessions so that the country can return to PACE. Cyprus parliament honors Armenian genocide victims Acting House President Zacharias Koulias noted that April 24 marks the “black anniversary” of the Armenian genocide. Armenia PM, France envoy discuss regional matters Issues related to the consistent development of Armenia-France cooperation were discussed. |