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Tatul Manaserian: Commercial Banks Raise Interest Rates Of State-Obt

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  • Tatul Manaserian: Commercial Banks Raise Interest Rates Of State-Obt

    TATUL MANASERIAN: COMMERCIAL BANKS RAISE INTEREST RATES OF STATE-OBTAINED CREDITS TO AN UNACCEPTABLE EXTENT

    NOYAN TAPAN
    JULY 31, 2009
    YEREVAN

    YEREVAN, JULY 31, NOYAN TAPAN. Armenia-based commercial banks cease
    operating as a commercial bank as soon as they start to use credit
    resources provided by the state. The Advisor to the RA National
    Assembly Speaker Tatul Manaserian said at the July 31 press conference
    that by receiving credit resources, these banks become state agents,
    while a state agent must act in accordance with certain conditions
    of the state, which, however, does not happen.

    T. Manaserian noted that the state obtains credits with difficulty and
    allocates them for some projects. Whereas, the banks raise the interest
    rates to an unacceptable extent and dictate their conditions, although
    they do not have a moral right to do so. As for the government,
    according to T.

    Manaserian, it avoids laying down its conditions. "The concession
    loan received by a commercial bank at a symbolic interest rate does
    not exceed 1%, but when provided by a commercial bank, it amounts to
    10-14% which is inadmissible," the economist said, adding that such
    connivance of the government is inadmissible as well.

    "You must not forget that these are the sums that have doubled our
    foreign debt. We should be careful. The inefficient use of a credit
    rather than its receiving poses a serious threat," T. Manaserian
    underlined.
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