YEREVAN. – The consumer loans that are provided in Armenia in foreign currency need to be reformulated into Armenian drams (AMDs). Mher Shahgeldyan, Secretary of the Opposition Orinats Yerkir (Rule of Law) Party National Assembly (RLP NA) Faction, told the aforementioned to reporters at the parliament on Wednesday.

In Shahgeldyan’s words, the RLP NA Faction will prepare a respective bill in the near future.

“It will help save thousands of our ordinary people from insolvency,” he added.

As per the MP, however, the banks in Armenia need to meet halfway, and reformulate the foreign currency liabilities of individuals into AMD.

“And the socially accountable business is a global trend at present.

“During the discussion of the bill, we will also monitor the damping mechanisms for the banks.

“We are going to consider both the Russian-track record and other similar bills that exist in Latin America and Central Europe. It is quite topical in the world,” Mher Shahgeldyan specifically noted.