Yerevan/Mediamax/. Economy crediting in Armenia in the first 5 months of 2010 increased by 6% (42bln AMD) and made 780bln AMD.

Mediamax reports that the Head of Armenian CB’s Department for Financial System and Financial Stability Policy Vahe Vardanyan stated today that the growth in crediting mainly fell on the share of trade – 16bln AMD, consumer credits – 8.8bln AMD, production – 4bln AMD, construction – 5bln AMD, etc.

According to CB forecasts, following the results of the current year, growth of the credit portfolio will make 20-25%. In 2008 (before the crisis), growth of crediting made 51%, and in 2009 – 14%.

Quite an important role in securing the index of 2009 was played by the programs of the CB and the government, in particular, provision of 60.5bln AMD to banks from the means of the Russian stabilization credit, 58bln of which are already placed.

CB representative did not rule out that stirring up of crediting may lead to reduction of interest rates. He noted that there is already reduction of interest rates on currency credits down to 11-12% annual registered in the market.

Speaking about mortgage crediting, Vahe Vardanyan informed that according to the data of the National Hypothec Company, 780 credits were provided at the sum of 6.2bln AMD, at that 69 credits at the sum of 620mln AMD were provided within the framework of the program on “Affordable Dwelling for Young Families”.