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Coversebank: Interest Rate Upward Trend Recorded In Armenian Banking

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  • Coversebank: Interest Rate Upward Trend Recorded In Armenian Banking

    COVERSEBANK: INTEREST RATE UPWARD TREND RECORDED IN ARMENIAN BANKING SYSTEM

    ARKA
    Sep 30, 2008

    ARMAVIR, September 30. /ARKA/. An interest rate upward trend has been
    recorded in Armenian banking system, Executive Director of Armenia's
    Conversebank Ararat Ghukasyan told journalists.

    Increase in interest rates will depend on efficiency of steps taken
    for rectifying the international situation, he said.

    Earlier, the Vice-Chairman of the Central Bank of Armenia (CBA) Vache
    Gabrielyan said that change in interest rates in Armenia will depend
    on sources of bank financing.

    CBA is consistently raising interest rates. Currently the annual
    refinancing rate is 7.75% against 5.75% in the beginning of the year.

    CBA's rates on deposits attracted from banks and pawn loans are also
    growing and constitute 4.75% and 10.75% respectively against 2.75% and
    8.75% in the beginning of the year. Along with increase in refinancing
    rate, interest rates are growing also in REPO market.
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