YEREVAN. – The Central Bank (CB) of Armenia is forecasting a slow-down in the 2012 economic credit growth rate, reports CB’s monetary policy program for the first quarter of 2012.          

This year a 20.2 percent credit growth is expected, against the previous year’s 35.3 percent. According to the Bank, the credit growth will primarily be directed toward small and medium-size business, and the mortgage market.     

It is noted that the predominance of the foreign currency credits for the economy will be maintained  within the credit structure.

Some commercial banks, however, express a concern that as a result of the debt crisis in EU, problems have risen in terms of receiving credits from European institutions.   

According to CB’s official report, as of December 2011, the loans which the commercial banks have provided are close to US$ 3.4 billion, whose 61 percent were in foreign currency.