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Representatives of Armenia’s banking system are assessing the situation in the country’s financial market with cautious optimism.

President of the Board of AraratBank Grigor Hovhannisyan today told reporters that all banks are battling the negative impact of the pandemic and have developed general mechanisms, including temporary delays, debt capitalization and more. As a result, even though banks have suffered some damages, the banking system has remained stable. Hovhannisyan viewed the lowering of the refinancing interest rate as a gesture on the part of the Central Bank that banks were waiting for and stressed that this was very helpful, especially when the overall situation of the banking system and the possible developments are taken into consideration.

“Armenia’s banking system remains stable, but it is still early to give a final evaluation. The second wave of the coronavirus is just beginning in Europe, and the Armenian banking system forms a part of global financial markets, meaning a lot will depend on the impact of the second wave on financial markets. However, I would like to stress again that the situation is stable and that we are all optimistic,” he said.

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