The global economic crisis and recent dram devaluation caused banking activity decay.

Meanwhile, Ashot Hovsepyan, President of Ararat Bank said the bank allocated mortgage credit to the amount of 35 million drams during this week.

"There are no reasons to worry. Armenian banks experience no problems with banking operations," he told reporters on Saturday. "Competition between the banks and assessment of risks will result in decrease in banking credit rate."

He also said that the dram-to-dollar rate has lowered by the end of the week.