Armenia has decided to ban foreign currency mortgages.

The National Assembly on Tuesday, March 22 approved amendments to the law, which were submitted by lawmaker Gevorg Papoyan from the ruling Civil Contract party.

The deputy noted that the political majority is intending to fight against "dollarization" and "currency mentality" more decisively, given the need to ensure stability in the financial system and the risks causing economic, political and financial instability observed in the world.

Deputy Chairman of the Central Bank Hovhannes Khachatryan supported the decision, maintaining that the legislative initiative will allow Armenian citizens to avoid difficulties in the future.

Under new regulations, residents who don’t have foreign currency incomes should not receive loans in foreign currency.