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March 19
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YEREVAN. - Massive default of credit payments should not be expected, regardless of electricity tariff change, Samvel Chzmachyan, Chairman of Union of Banks of Armenia (UBA), told Armenian News – NEWS.am.  

“Any bank keeps in mind unexpected circumstances, when it puts forward the terms of credit. This factor, I think, will be totally controllable. I don’t think the tariffs will change so much as to expect mass default of payment for that very reason,” Chmachyan said.

The aforementioned equally refers to natural and legal persons, he said.

On the 6th day of protests in Yerevan against electricity price hike, Armenia’s President Serzh Sargsyan held a consultation with state officials in charge of economic policy. During the consultation, he said that before the conclusion of the international audit on the substantiation of application, the government will bear the whole burden of tariff rise, namely 6,93 AMD, per Kwh. 

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