Last year, business lending increased by 20 percent in Armenia. Martin Galstyan, Governor of the Central Bank of Armenia (CBA), told this to a press conference Tuesday.

According to him, this gives reason to hope for achieving the target level of economic growth in 2025.

He emphasized that a significant increase in mortgage and consumer lending was recorded in Armenia last year, especially in December.

Regarding mortgage loans, Galstyan linked the growth to the completion of the income tax refund program for loan interest reimbursement in capital Yerevan.

“Against this background, lending interest rates have remained largely at the same level, while lending interest rates in the business sector have slightly decreased,” the CBA chief noted.

Also, Galstyan recalled the record growth in profits in Armenia’s banking system, adding that these funds will be directed to financing the country’s economy.

The CBA governor added, however, that he has no information on how many people in Armenia are involved in programs being implemented by the US Agency for International Development (USAID), how much funding has been received, and how the suspending of projects in this regard will affect Armenia’s economy.