Yerevan /Mediamax/. General Director, Chairman of the Board of Directors of VTB Bank (Armenia) CJSC Valeri Ovsyannikov## stated today that in the lights of the events taking place in the world and the region, the credit and deposit rates of the banking system of Armenia cannot remain at the previous level.

“Despite the seeming stability in the banking system of Armenia, it will soon be almost impossible to provide a credit with the annual rate of, for instance, 12%”, Valeri Ovsyannikov stated, answering today the question of Mediamax. According to him, the deposit rates will also increase, and the issue of deposit insurance will gain acute urgency.

Valeri Ovsyannikov informed that at present the bank is discussing with the Central Bank of Armenia the issue of lifting legislative limitations for credit rates.

Commenting on the request of Mediamax on the warning for a number of Armenian banks, made by the State Commission for Protection of Economic Competition (CPEC), Valeri Ovsyannikov noted that VTB Bank (Armenia) cooperates with six insurance and six appraisal companies.

“The customer should have choice, but the bank should also have the right to manage its own risks, choosing reliable insurance and appraisal companies”, Valeri Ovsyannikov stated.