Yerevan /Mediamax/. The rise in prices for the means, attracted by banks, is mainly caused by inflation, Chairman of the Union of Armenian Banks## (UAB) Emil Soghomonyan told Mediamax.

According to him, following the results of 2008, inflation will be expressed by a two-digit index.

“Therefore, if before the interest rate of the means attracted and provided by banks made respectively 8% and 14%, now it respectively makes 10% and 16%”, Emil Soghomonyan stated in an interview to Mediamax.

“This is why the banks demand from the CB lifting the limitations for the maximum allowed crediting interest rate, which should be determined in the market, given the present level of inflation”, the Chairman of UAB stated.

According to the Civil Code of Armenia, credit interest rate cannot exceed the twofold volume of the discount rate of the bank interest, established by the Armenian Central Bank, which at present makes 11%.