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March 29
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YEREVAN. – The annual data of Armenia’s banking system has bewildered the specialists that follow the financial activity of the country, according to Haykakan Zhamanak (Armenian Time) newspaper.

“The problem is that the loan portfolio which our banks provide has increased by about one billion [US] dollars in 2016.

“Last year alone, an additional about one billion dollars should have been ‘injected’ in the [country’s] economy, and which should have substantially invigorated our economy.

“The ‘injection’ was done, but there is no invigoration. It is not that clear what happened to these funds.

“There are views that a significant amount has just come out from Armenia and was invested in other countries.

“In general, the data of our banking system are in a bizarre inconsistency with the economic situation [in Armenia],” wrote Haykakan Zhamanak.

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