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BANKS THREATEN NATIONAL SECURITY OF NKR
Naira Hayrumyan, Political Commentator
Comments - Thursday, 13 February 2014, 17:44
The amount of lending in Karabakh has reached a point when the
government has to interfere.
The deputy prime minister of NKR said in an interview with the Aparazh
that banks are not being conscientious towards citizens and their
rates are too high. It concerns especially servicemen and public
servants who are offered credit in the amount of their salary 4-5
times with an interest of 20-24%.
Almost everyone in Karabakh has borrowed money from banks. It may be
something normal in other countries but not in Karabakh where the
majority of the population is employed in government and state-run
companies or run a small farm, the rate of poverty is high, and the
economy has not been reconstructed since the war.
According to the NKR Constitution, NKR is a social state but judging
by the level of development of banks in a country where 145,000 people
live NKR is a banking state. The government enables banks to develop
and encourages people to borrow more. Mortgage loans are issued to
buy expensive apartments in buildings built by high-ranking officials
but not for apartments in the secondary market.
The government even covers part of interest for the mentioned
apartments from the state budget. In the result, people are hostages
of banks.
Arthur Aghabekyan is a member of the socialist ARF party. It is
possible that he dislikes the tough policy of banks as a socialist.
However, as a deputy prime minister he should report to his management
that the bank rule in Armenia is already a risk to national security.
- See more at:
http://www.lragir.am/index/eng/0/comments/view/31917#sthash.UgzP9UUE.dpuf
Naira Hayrumyan, Political Commentator
Comments - Thursday, 13 February 2014, 17:44
The amount of lending in Karabakh has reached a point when the
government has to interfere.
The deputy prime minister of NKR said in an interview with the Aparazh
that banks are not being conscientious towards citizens and their
rates are too high. It concerns especially servicemen and public
servants who are offered credit in the amount of their salary 4-5
times with an interest of 20-24%.
Almost everyone in Karabakh has borrowed money from banks. It may be
something normal in other countries but not in Karabakh where the
majority of the population is employed in government and state-run
companies or run a small farm, the rate of poverty is high, and the
economy has not been reconstructed since the war.
According to the NKR Constitution, NKR is a social state but judging
by the level of development of banks in a country where 145,000 people
live NKR is a banking state. The government enables banks to develop
and encourages people to borrow more. Mortgage loans are issued to
buy expensive apartments in buildings built by high-ranking officials
but not for apartments in the secondary market.
The government even covers part of interest for the mentioned
apartments from the state budget. In the result, people are hostages
of banks.
Arthur Aghabekyan is a member of the socialist ARF party. It is
possible that he dislikes the tough policy of banks as a socialist.
However, as a deputy prime minister he should report to his management
that the bank rule in Armenia is already a risk to national security.
- See more at:
http://www.lragir.am/index/eng/0/comments/view/31917#sthash.UgzP9UUE.dpuf