YEREVAN. – The most recent fluctuations in the currency market prevented attracting new resources for loans in Armenian drams, ACBA Credit Agricole Bank CEO Hakob Andreasyan told Armenian News-NEWS.am.

He added that even though his bank continues to seek resources in the Armenian national currency, it was forced to cancel the expected agreements.

In the case when the dram resources were offered at 11-12 percent interest rate, now they are offered at 15-16 percent.

“And how can we take them if we provide loans at 14 percent [interest rate]?

“This is why the banks are the first to be interested in the stability of the currency market. The more dram loans we have, we will be that much less dependent on the foreign currency fluctuations,” Andreasyan specifically said.   

The dollar and euro exchange rates had reached record highs in Armenia on December 17, but they have dropped ever since the same evening.