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YEREVAN. – The crisis caused by the coronavirus will also affect the profitability of the Armenian business, which, in turn, may affect the amount of loans provided. Seyran Sargsyan, Executive Director of the Union of Banks of Armenia, stated this during a videoconference on Tuesday.

He noted that clients are likely to face difficulties in repaying loans. "This may lead to an increase in the amount of non-performing loans, which has always been at a low level—4 to 5 percent—in Armenia," Sargsyan added.

According to him, the biggest risk, however, is the uncertainty. "It all depends on how long the crisis lasts and what the consequences it will have for clients. In any case, all the risks, even in the worst-case scenario, are still manageable for us," he concluded.

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