Home loan Rates In Armenia

By Brian Smart

Home Loan Rates In Armenia

Armenia are: not Russia, AOS 500 million U.S. dollars subject to conditions Yerevan?

A $ 500 million U.S. “stabilization” of loans by the Kremlin fuel debate in Armenia over the possible political consequences of Russia’s help. the leaders of Armenia denied reports, however, that Russia set certain conditions in return for financial support.

Details of the bond, on 10 February announced that it remain secret. The Ministry of Finance announced that the loan is only a period of 15 years with a grace period of four years. A Finance Ministry official who remain unnamed, said EurasiaNet that many aspects of the loan is still being negotiated, it could take weeks before the full extent of this package means unknown.

Minister of Economy Nerses Yeritsyan told reporters 14th February that the government will see later how the money should be used.

The lack of detail has led to skepticism among many analysts. “No information about the interest rate on the loan. … In addition, the timetable is unclear. If Armenia to get this money? Is always a lump sum or in parts? Bagrat Asatrian must be said the former president of the Central Bank.” Are these data are known, we can estimate not know how much is this loan. ”

The loan also raises the question of what Russia hopes for their money. Sectors dominated by Russia and major Armenian economy, including energy, communications and railways. [For background see the archive page] over Eurasia. Concerns were expressed that Armenia could be the economic dependency on Russian administrative staff has grown stronger after the loan payments begin.

On 11 February Zhangmu 168 independent newspaper said that “nobody believes that Russia offers friendly help clean his allies, while Russia itself is in good condition.”

A report of 10 February, the Finance Ministry said, however, that “the agreement is not consistent with non-financial obligations of the Republic of Armenia.”

A financial expert believes that the loan has a purely commercial decision. “If you already Armenia has to borrow on commercial terms, is now the best time for such a loan. Armenia has a reputation as a good payer and has a relatively low external debt,” said Tigran Jrbashian, Director, Development Bank of Ameria a commercial bank in Yerevan that the country’s largest financial institution AM is 7th

One of the concerns in the media reflects the fact that Armenia will be invited to give a ruble zone “in exchange for Russia, AOS 500 million U.S. dollars loan.

In an interview with the 11 February Russian news agency Regnum, said Prime Minister Tigran Sarkisian, that there is a “real possibility” of such a measure “if the ruble zone, namely countries that the ruble used in trade with Russia. The Prime Minister added:” If we have a Union designate as the euro zone, it is too early to tell. ”

Although they are at opposite ends of the political spectrum, Asatrian largely agree with Sargsyan on the issue ruble zone.”The choice of currency reserves in foreign trade or even bank is a professional not a political issue. Therefore, the Russian ruble could be used in the trade if the parties find it convenient,” said Asatrian, ahead of the Sargsyan as President of the Central Bank, and supported the opposition movement led by former President Levon Ter-Petrossian.

Apart from Armenia to join a potential of the ruble zone prone experts as to whether the central bank can use the loan to Armenia to focus, the AOS currency, the DRAM to float against the dollar. Many experts criticize the DRAM bank artificially stable against the dollar, thus keeping the Armenian exporters. Asatrian said that the waste policy of the reserves of foreign central banks.

The officials and other observers, that a relatively stable exchange rate is necessary to maintain financial stability and to avoid the negative effects of the global economic crisis. So far, the damage caused by the global recession, not seriously been in Armenia. But the crisis was much more of nearly 1.5 billion U.S. dollars in remittances to Armenia every year, estimated by the Central Bank. This amount has a key role in raising living standards and to stabilize the DRAM. will increase “[A] after the U.S. dollar against the DRAM to lead to higher prices of exported goods, which is very dangerous,” says the economist Yerevan Gagik Poghosian, MO Association for Foreign Investment and Economic Cooperation.

Jrbashian banker agreed: “Many governments of Armenia and the Central Bank have found that financial stability has no analogy in the CIS. There is no obvious reason to destroy it now.”

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