Proposal to Freeze Loan Interest Payments for At Least 3 Months to be Discussed in Central Bank Council

The leader of the Bright Armenia faction, Edmon Marukyan, has sent a proposal to the President of the Central Bank of Armenia, Arthur Javadyan, suggesting a freeze on loan interest payments for a minimum of three months.

“I propose to immediately discuss with commercial banks operating in the Republic of Armenia the temporary suspension of calculating and paying credit obligations for affected economic operators, including self-employed individuals, due to the spread of the coronavirus pandemic and preventive measures. This proposal should be implemented for at least a 3-month period,” stated Marukyan.

Harutyun Berberyan, the head of the public relations department of the Central Bank of Armenia, told ArmDaily.am that once the proposal is officially received, it will be discussed in the Central Bank council, which will then officially publish the decision.

Meanwhile, in Georgia, the Bank of Sakartvelo has announced that it is offering a three-month grace period to individuals to reduce the number of people in gathering places as a preventive measure against the coronavirus. Starting today, users who were due to make loan payments will have the opportunity to postpone their monthly payment until the end of May.