According to the most recent data of Central Bank, there are 6.429.600 credit accounts in Armenian banks, 6.132.300 of which belong to individuals. The residents take loans mainly to buy flats and cars.
Bank interest rates start from 11 percent and increase in the loan repayment period. High credit interest rates have several reasons according to economist Samvel Avagyan. “First is the lack of financial resources, Second is the risks of Armenian economic sphere.”
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