ARMENIA HAS ALREADY PLACED ABOUT $148 MLN FROM RUSSIAN CREDIT OF $500 MLN

ArmInfo
2009-10-09 18:13:00

ArmInfo. Armenia has already placed about 57 bln drams ($148 mln at
the current rate) from the Russian credit of 185 bln drams ($500 mln)
provided to the republic in June 2009, Finance Minister of Armenia
Tigran Davtyan said at Friday press- conference. In particular, about
20 bln drams have been transferred to recover Spitak earthquake zone,
and 36,5 bln drams have been allocated to credit the country’s economy
and have already been placed among the economic subjects, the minister
said. ‘While the banking system functions passively and carefully,
the state actively credits the economy’, T. Davtyan emphasized. Total
credit in dram equivalent makes up 185 bln drams, and decisions have
been currently made on allocation of 110 bln drams. It is decided
to direct the credit funds to withstand the negative impact of
the global financial crisis and stimulate the national economy, the
minister said. He added that the funds are mainly realized through CB,
Small and Medium Entrepreneurship Development Center, they are also
provided directly by the state as budget credits for system-forming
enterprises. 0,1% slowdown of the economy recession rates was observed
in August 2009 as compared to July, that indicates efficiency of
state crediting of the economy, the minister said. He added that the
Russian credit has been transferred to the Armenian Central Bank’s
deposit account, from which Armenia’s budget receives interest income.

From: Emil Lazarian | Ararat NewsPress