The effective interest rate in the banking system does not exceed 24%.

At the moment, the interest rate is close to 20%, said the candidate to the post of the CB head Martin Galstyan.

According to him, the interest rate on loans for a healthy, established and transparent business is more sparing. 

“We have a lot to do to create an environment that will make the business open, transparent and understandable,” he said. "We will have a working system, as a result of which the risks of providing loans by banks will be limited, and interest rates on loans will significantly decrease.”

He noted that interest rates on loans provided by banks have been steadily declining over the past ten years. “One of the main components of the interest rate on a loan is the interest rate on depositors. In other words, we should understand the problem has two sides involved, and the position of the other side should be considered during the discussions.”