Armenian banks waiting for USD revaluation to issue loans - economist
The Armenian banks are waiting for the US Dollar’s revaluation to resume their loan issuance, an economist has said, commenting on the increased interest rates.
“The exchange rate of Euro has to go down, of course, as the trust in that currency has decreased too against the backdrop of the economic crisis in Armenia, the terrorist acts in France, as well as the Central Bank of Europe’s statement on releasing 1 trillion Euros, and the monthly turnover of about 60 million Euros,” Vilen Khachatryan told Tert.am.
The economist said he expects the Dollar and Euro prices to become equal until mid-2015.
“The Dollar is gaining value against other currencies, and there are rumors that the US Federal Reserve System has to raise the interest rates. But the banks around the world are against such processes,” he said, noting further that the trend would deteriorate the economic situation in many countries.
“That is the reason that the banks in Singapore and China send, rudely speaking, ‘messages’ to the US Federal Reserve System, warning them against the move, which they say is harmful for global economy. In 2014, all the currencies except the [Japanese] Yen and several other lost value against the Dollar,” Mr Khachatryan noted.
Asked to comment on possible impacts on the apartment sale and purchase in Armenia, the economist said he sees that the Dollar surge caused most bank customers to borrow loans in the national currency in order to maximum effectively manage personal resources. “If they see that the exchange rate is going to cross 500 [Drams] threshold, they know they should not borrow money in Dollars, because their income in Drams will not suffice them to later pay off the interests. And that freezes also the mortgage loan market, because people do not run the risk of borrowing loans, as that would put them to further trouble. But we observe a deflation trend on the market – about 10%-20%. Very often, those [selling apartments] offer a price and then step aside, leaving the floor open to the one who needs money. So what we see is a long-lasting situation that obliges us to wait,” he explained.
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