Time in Yerevan: 11:07:36,   24 March

Government and CBA should closely cooperate to reduce interest rates in financial market, says Pashinyan

YEREVAN, FEBRUARY 15, ARMENPRESS. The government and the Central Bank should seriously cooperate to reduce the interest rates in the financial market, Prime Minister of Armenia Nikol Pashinyan said during today’s Cabinet session, reports Armenpress.

“The Parliament and the ministry of justice also have something to do here. In my remarks in the Parliament I have said that according to the CBA’s approximate calculations, 300 billion AMD today are at a debate stage, and this money belongs to no one because the judicial system is not solving this issue on time. Moreover, there is no debate for at least half of this money: in other words, the person, who must pay, accepts that he/she must pay, the person who must accept, he/she accepts, but there is a certain legal procedures which should be passed. During the meeting in late 2018 with the banking sector officials we have agreed that they should propose legislative solutions how to solve this issue. Why this is important in the context of the issue being discussed because the existence of 300 billion AMD can create opportunities to reduce the interest rates in the financial market. I know that the Central Bank has already carried out major works, I urge to join this work, develop that legislative mechanisms and submit to the Parliament as soon as possible”, the PM noted.


Edited and translated by Aneta Harutyunyan

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