During today’s parliamentary hearings entitled “Issues on application of penalties, fines and loan interest rates, credit amnesty and other loan-related issues in the banking system of Armenia”, Ombudsman of Armenia Arman Tatoyan said citizens automatically sign bank contracts without reading them.

According to him, bank contracts are rather tricky and complicated.

“They are so complicated that sometimes even lawyers have questions. It is necessary to raise people’s awareness about the banking system and simplify bank contracts. The main goal and objective has to be to help people simply read bank contracts right before they sign them,” the Ombudsman stressed.

Touching upon court disputes, Tatoyan focused on the fact that the interest rate of loans continues to grow while a trial is postponed and added that citizens lose the object of pledge such as an apartment.