Deputy Speaker of the National Assembly of Armenia Vahe Enfiajyan recommends reviewing the policy on repayment of loans in Armenia and has issued a statement that reads as follows:

“The emergence and spread of the coronavirus caused a big commotion around the world. Today, it is already clear that the pandemic has dealt a serious blow to the population of Armenia. Among other consequences, what is troubling is the fact that most people have consumer loans, and it is almost impossible for them to repay them in these conditions.

Recently, Moody’s assessed the current situation in CIS countries and stated that Armenia is the riskiest country in terms of repayment of consumer loans. In these conditions, the Central Bank of Armenia plays a major role and must take steps to help mitigate these negative consequences along with Armenia’s commercial banks.

In particular, at this moment, initially, the interest rates for consumer loans shouldn’t be counted for a couple of months, and repayment of the principal amounts of the loans for a couple of months as well. This is not only desirable, but also strictly necessary and in-demand from the perspective of the population and economic stability.”