ZHOGHOVURD: SOME ARMENIAN BANKS HAVE SERIOUS PROBLEMS

Friday,
April 19

Crisis is brewing in Armenia’s banking system, and the main problem
is related to the credit system, “Zhoghovurd” daily writes, citing
its sources.

“The fact is that a number of big businessmen contracted many loans
and are now unable to repay. For example, a businessman mortgaged his
brandy factory, showing that he had a large stock of brandies, but
several months later he sold brandies and now the bank discovered that
the borrower has only the building of the factory,” the paper writes.

The situation has worsened following the bankruptcy of Armavia airline
that owes various banks $50-60 million.

The paper notes that the Central Bank of Armenia is concerned at
the situation and held discussions. The crediting conditions were
discussed again during the meeting of the CBA Board three days ago.

According to “Zhoghovurd”, Armenian Development Bank, Armbusinessbank,
Ardshininvestbank, as well as VTB Bank Armenia CJSC are mentioned in
this connection.

TODAY, 12:34

Aysor.am

From: Emil Lazarian | Ararat NewsPress