Banks to Review Loan Terms for Those Affected by Coronavirus

The Central Bank of Armenia has addressed a letter to commercial banks, urging them to review the loan terms for clients affected by the coronavirus pandemic. Prime Minister Nikol Pashinyan announced this on his Facebook page.

“About a week ago, the Central Bank sent an official letter to commercial banks, asking them to reconsider the loan terms for clients experiencing difficulties due to the coronavirus. This particularly concerns clients in the tourism and service sectors, who may suffer negative impacts from a decrease in customer numbers due to the pandemic. All clients will receive an individual approach to ensure they do not face difficulties in repaying their loans. Banks will extend loan terms on a case-by-case basis, repayment schedules will be reviewed, and interest rates will be adjusted,” stated Pashinyan.