As of July 1, banks in Armenia no longer provide foreign currency (currency) loans to individuals. Former Prime Minister Hrant Bagratyan, who is an economist by profession, wrote about this on Facebook page.

"Another illegal law. Yes, in some developed countries it is so. But the second aspect of the problem is solved there: banks accept deposits only in national currency. In addition, their currency is freely convertible. After all, a deposit is a loan given by the depositor to the bank. In our case, banks will continue to accept currency deposits, but will not give loans. A perfectly legal robbery.

“A person will turn the loan received into currency in the same bank as needed. In 2022, compared to 2021, banks [in Armenia] increased their profit 4 times, from 65 billion drams to 240 billion. It seems they will increase [it] several times this year as well. The GDP [of the country] will grow as well," added the former premier of Armenia.