Announcement

Collapse
No announcement yet.

Armenian banks waiting for USD revaluation to issue loans - economis

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Armenian banks waiting for USD revaluation to issue loans - economis

    Armenian banks waiting for USD revaluation to issue loans - economist

    16:19 * 31.01.15


    The Armenian banks are waiting for the US Dollar's revaluation to
    resume their loan issuance, an economist has said, commenting on the
    increased interest rates.

    "The exchange rate of Euro has to go down, of course, as the trust in
    that currency has decreased too against the backdrop of the economic
    crisis in Armenia, the terrorist acts in France, as well as the
    Central Bank of Europe's statement on releasing 1 trillion Euros, and
    the monthly turnover of about 60 million Euros," Vilen Khachatryan
    told Tert.am.

    The economist said he expects the Dollar and Euro prices to become
    equal until mid-2015.

    "The Dollar is gaining value against other currencies, and there are
    rumors that the US Federal Reserve System has to raise the interest
    rates. But the banks around the world are against such processes," he
    said, noting further that the trend would deteriorate the economic
    situation in many countries.

    "That is the reason that the banks in Singapore and China send, rudely
    speaking, 'messages' to the US Federal Reserve System, warning them
    against the move, which they say is harmful for global economy. In
    2014, all the currencies except the [Japanese] Yen and several other
    lost value against the Dollar," Mr Khachatryan noted.

    Asked to comment on possible impacts on the apartment sale and
    purchase in Armenia, the economist said he sees that the Dollar surge
    caused most bank customers to borrow loans in the national currency in
    order to maximum effectively manage personal resources. "If they see
    that the exchange rate is going to cross 500 [Drams] threshold, they
    know they should not borrow money in Dollars, because their income in
    Drams will not suffice them to later pay off the interests. And that
    freezes also the mortgage loan market, because people do not run the
    risk of borrowing loans, as that would put them to further trouble.
    But we observe a deflation trend on the market - about 10%-20%. Very
    often, those [selling apartments] offer a price and then step aside,
    leaving the floor open to the one who needs money. So what we see is a
    long-lasting situation that obliges us to wait," he explained.


    http://www.tert.am/en/news/2015/01/31/vilen-khachatryan/1575497



    From: Emil Lazarian | Ararat NewsPress
Working...
X