Yerevan /Mediamax/. 12 Armenian banks forecast an unchanged level of rates for short-term credits, and 10 banks believe that the rates## for short-term credits will increase.

Mediamax reports that the statistic report of the Armenian Central Bank (CB) following the results of quarterly poll among banks and credit organizations of the country, reads this.

CB report reads that 12 Armenian banks intend by the end of the year to increase the rates for long-term credits, the remaining banks do not plan to increase the rates.

At that, the majority of Armenian banks do not forecast growth of rates for business-credits by the end of the year: 12 banks believe that the rates will remain the same, and 10 banks forecast growth.

As to the interest rates for consumer and business-credits, the credit organizations do not expect changes. Only 6 out of 22 credit organizations in Armenia provide mortgage credits, at that 3 plan to increase the rates, 3 – to cut down.

All Armenian banks expect growth of crediting volumes at the total sum of 94.4bln AMD by the end of the year. The minimum forecasted growth of the credit portfolio on individual banks made 1.3%, the maximum – 213%.

At that, the volume of mortgage crediting growth, according to banks, will make 11,6bln AMD by the end of the year. CB notes for comparison that in December, 2007, the volume of mortgage crediting in Armenia made 7.4bln AMD.

By March, 2009, as compared to September, 2008, the banks expect growth of crediting volumes at the total sum of 158,3bln AMD, including mortgage – for 19.2bln AMD.

According to the expectations of credit organizations, in the fourth quarter of 2008, the volume of credits provided by them will increase for 5.3bln (including mortgage – for 769.2mln AMD), and in the first quarter of 2009 – for 3bln AMD (including mortgage – for 417mln AMD).