The Union of Credit Organizations of Armenia has issued a statement condemning citizens’ calls for violence and calling on citizens to refrain from taking provocative actions.

The Union’s statement also states the following: “Recently, citizens’ protests against credit organizations are becoming threatening and are followed by actions that are taken in an attempt to obstruct the regular operation of those organizations.

Credit organizations have their unique place in Armenia’s financial system and provide the population with various rapid microfinance products.

Due to the state of emergency, there have been individual approaches to the fulfillment of loan obligations for several citizens, new agreements on redemption of loans have been reached, and updated timetables have been prepared.

Unconditionally acknowledging citizens’ right to express their will and understanding the hardships with regard to fulfillment of loan obligations, nevertheless, the Union of Credit Organizations calls on citizens to not give in to provocations and try to find common ground for cooperation with credit organizations, which are willing to pay heed to citizens’ requests and understand borrowers in the situation that has been created.”

As reported earlier, dozens of peoples were protesting Tuesday in front of the Central Bank of Armenia (CBA) against the high interest rates of the country’s credit organizations. The protesters demanded a meeting with CBA representatives, but the latter proposed that one protester come in and meet with a CBA representative, to which the picketers did not agree. Subsequently, police used force to apprehend several of these demonstrators.

To note, these citizens staged a protest in front of the CBA on Monday, too.