YEREVAN. – According to the Central Bank of the Republic of Armenia (RA) data, in late February 2015, the overdue loans in the country’s banking system amounted to 37.5 billion drams, which is 1.96 percent of the total credit investments, 168 Zham daily reported.

“In March 2014, the overdue loans were 25.9 billion drams (1.54 percent of the total credit investments). [Accordingly,] the overdue loans have increased by half in one year; that is, individuals and legal entities have difficulties in making the loan repayments [in Armenia].  

“Official data also show that the credit portfolio of the RA banking system has [US] dollarized. In late February 2015, the 66.4 percent of the total credit investments were [foreign] currency loans, 33.6 percent were dram loans, whereas in March 2014, the ratio of [foreign] currency and dram loans was 37.7percent/62.3 percent,” 168 Zham wrote.

To note, 1 dollar is currently equivalent to approximately 473 drams.