Will the rate go down?
Our citizens will soon receive hypothec loans at a low rate, President of the Armenian Central Bank Arthur Javadian told a press conference today.
A universal loan company, "National Hypothec Company", launched its operations in Armenia on July 6. The Company will refinance hypothec loans allotted by commercial banks to citizens.
Presently, the Company has a capital of 17 milliard drams.
Arthur Javadian notes that refinancing will be realized by 9 %.
The CB President couldn't say at which interest the loans would be given to citizens. "It is upon the market to decide the rates. I cannot make any predictions. But I can say on thing for sure: the rates will go down by a few percents."
"The Company aims at boosting the hypothec market through hypothec loans," said the CB President.
The Central Bank may assist in receiving other loans as well, noted Mr. Javadian.
The CB President has noticed significant increase in crediting since last week. The prices of flats will no longer sink. You needn't wait," advised the CB President.
