During a press conference on 20 March at the Government, Arthur Stepanyan, a member of the Board of the Central Bank of Armenia (CBA), referred to the work of banks and credit organizations during the state of emergency.

“The Union of Banks and the Union of Credit Organizations made a statement that all organizations have an individual approach to their clients. There are also banks and lending organizations that have reported that for a certain period of 1, 2 or 3 months they allow their clients to avoid making payments. That is, the approaches are different,” he said, adding that each person should contact and speak to his bank or credit organization individually about the issue.

He also added that banks and credit organizations are now ready to redefine citizens’ obligations so that the credit burden does not increase sharply and the credit history of those customers does not become negative.

The CBA Board member urged those citizens who are able to fulfill their credit obligations during this period not to delay them.

Arthur Stepanyan also touched upon the rise of the dollar exchange rate and the devaluation of the dram, noting that Armenia will adhere to the policy of “floating exchange rate”, but is also ready to calm the financial market during unfavorable developments.

Details in the video