VIDEO: "A person goes to take a loan in AMD, but they wrap them in a foreign currency loan" - Papoyan

Member of the National Assembly from the "Civil Contract" faction Babken Tunyan asked Gevorg Papoyan whether the purpose of his proposed draft law is to protect the interests of borrowers or to reduce the level of dollarization.

"The purpose of the draft is twofold: both. It aims to reduce the level of dollarization and, consequently, the existing risks, and to protect consumers' rights. Because in practice, there are often cases where a person goes to take a loan in AMD, and they say, 'We won’t give it in AMD, but we can provide it in foreign currency.' So it turns out that a foreign currency loan is wrapped around a person's neck," Papoyan explained.

It is worth noting that Papoyan has introduced his authored legislative initiative, which proposes to provide mortgage loans exclusively in AMD.