Time in Yerevan: 11:07:36,   20 September

Gov. to nullify fines of farming loans through legislative changes, says cenbank boss


YEREVAN, MAY 21, ARMENPRESS. President of Armenia’s central bank Arthur Javadyan has commented on the task of Prime Minister Nikol Pashinyan on suggesting mechanisms for annulling the fines/penalties of delayed repayment of interest rates of agricultural loans for farmers.

Speaking to reporters in the parliament, the cenbank president said they are currently undertaking joint processes with the government.

“Certain legislative changes are required for this. The Prime Minister has already given tasks to relevant bodies, you will see the result very quickly.

Legislative reforms will take place, which will result in the elimination of fines-penalties,” he said.

Javadyan reminded that the PM has also spoken about assisting the agricultural sector through various budget mechanisms – stressing that it relates to subsidization.

During the latest Cabinet meeting, PM Nikol Pashinyan said he has tasked the cenbank president to abolish the fines and penalties for delayed repayments of interest rates of loans for farmers.

The initiative will nullify the fines and penalties which farmers already have as part of agricultural loans. The initiative doesn’t plan to abolish the concept of fines and penalties for delayed interest rate repayments for agro loans.

ENGLISH: Editor/Translator - Stepan Kocharyan

 




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