Yerevan /Mediamax/. The volume of crediting in Armenia in March, 2009, made about 52bln AMD, while in March, 2008, the given index made 70bln AMD, Chairman of Armenian CB Artur Javadyan stated, today.

Mediamax reports, speaking at a news conference in Yerevan today that Artur Javadyan noted that the volume of crediting reduced because of both the caution of banks and reluctance of borrowers to take credits in foreign currency.

“Since the main demand concerns credits in AMD, and the specific weight of AMD deposits in Armenia makes about 27%, banks are forced to increase interest rates for AMD credits”, Artur Javadyan stated.

He expressed confidence that credit means, provided to Armenia by international financial organizations, as well as the transition of CB to expansive monetary-credit policy will influence the stirring up of crediting.

Answering the question of Mediamax on the possible changes in banking interest rates in the view of CB’s transition to expansive monetary-credit policy, Artur Javadyan stated that there are no abrupt changes expected. “Decrease of refinancing rates, of course, is a stimulus to decrease credit interest rates, but banks also need to take into account the factor of the global crisis and the possible risks”, Artur Javadyan stated, noting that at present the share of “bad” credits in Armenia makes 8%, having increased twice, as compared to the analogous period of 2008.