YEREVAN. – After the well-known events that occurred in Armenia in December of last year, the banks in Armenia have started not to provide loans, Zhoghovurd daily reported.

“As a result, some banks have started discussing also the matter of downsizing the employees of the credit departments [of these banks].  

“News came to Zhoghovurd that a similar situation has been created at the VTB Armenia Bank. But in response to our inquiry, the VTB Armenia Bank [representatives] informed that the news is not true, and all departments of the bank are working in normal mode,” Zhoghovurd wrote.

To note, the dollar and euro exchange rates had reached record highs in Armenia on December 17, 2014; and even though they have dropped ever since the same evening, their exchange rates are still quite high, as compared to last December.