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Armenia's National Mortgage Company To Launch Activities Next Week

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  • Armenia's National Mortgage Company To Launch Activities Next Week

    ARMENIA'S NATIONAL MORTGAGE COMPANY TO LAUNCH ACTIVITIES NEXT WEEK

    /ARKA/
    July 2, 2009
    YEREVAN

    YEREVAN, July 2. /ARKA/. Armenia's National Mortgage Company will
    launch mortgage loans refinancing next week, reported Chairman of
    the Central Bank of Armenia (CBA) Arthur Javadyan.

    "This will help cut interest rates and extend loan periods," he was
    quoted as saying on Wednesday.

    On June 16, CBA registered and licensed the National Mortgage Company
    Universal Credit Organization (UCO).

    Javadyan previously said the fund's authorized capital would reach
    30bln drams, against the planned 5bln drams.

    The company is supposed to form long money by issuing securities to
    refinance mortgage loans. This will help enhance mortgage lending in
    Armenia. The company will refinance housing programs in the country.

    Establishing an operator in the secondary mortgage market, the Armenian
    government aims at boosting the country's financial infrastructure
    in order to settle housing issues. ($1 - 359.98 drams)
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