The Union of Banks of Armenia has issued a statement, which reads:

“Referring to the questions raised by our citizens, the customers of the banks, we consider it necessary to provide additional clarifications on the work with the customers.

Due to the martial law in the Republic of Armenia, in order to make the assistance provided to the borrowers more substantial, according to the decision made by the Union of Banks of Armenia (represented by commercial banks operating in the Republic of Armenia), in case of non-repayment of loans based on the certificate issued by the military commissariats, NO delay will be considered, will NOT BE reflected in the credit register, penalties will NOT BE e applied for the given period.

It is commendable that at the suggestion of the commercial banks of the Republic of Armenia, the National Assembly adopted the draft law “On Making Amendments to the Tax Code of the Republic of Armenia”, which will allow the banks to increase the assistance provided to the borrowers without tax consequences.

We assure that the banks, guided by a people-centered approach to overcoming the created conditions, aiming to support our compatriots as much as possible, will consider the possibility of forgiving the loan obligations of individuals defined by law after the end of martial law. For this purpose, each bank, based on the analysis of the customer’s financial situation, will show an individual approach and adequate solutions will be provided.

In the case of cases of fines or credit classifications applied for objective or subjective reasons during martial law, if all the necessary documents are available, adequate solutions will be provided.

For more information on the above-mentioned processes, it is necessary to follow the announcements of the banks or apply to the servicing bank.”