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Banking & Finance

publié le jeudi 28 janvier 2010

ARMENIAN CENTRAL BANK RAISES REFINANCING RATE BY 0.5 P.P. TO 5.5%
/JAN 21/ARKA/
Armenia’s Central Bank said today it has raised the refinancing rate by 0.5% percentage point to 5.5%. The bank’s press office said the inflation rate rose by 2% in 2009 December from November, dragging the full-year inflation rate up to 6.5%, exceeding the targeted ceiling by 1.0 percentage point.
The Central Bank said against the backdrop of global economic recovery the external inflationary pressure is being accelerated by higher than expected pace of rise of international prices of raw-materials and basic foodstuffs. It said the overall inflationary background is being effected also by recovering domestic economic activity and growing demand.
The Central Bank said as a result of continued inflationary trends and economic recovery expectations the high inflationary environment will be preserved in the perspective future to be reflected in tightening fiscal and credit policy.
Last time the Central Bank raised its refinancing rate on March 3, 2009 by 1 percentage point to 7.75% after it reverted to the floating exchange rate of the national currency Dram. Later it reduced refinancing rate on April 7 to 7.%, then on May 12 to 7.25%. On May 22 it fell by another 1 percentage point to 6.25%. On July 7 the refinancing rate was lowered to 5.5% and to 5% of September 8, 2009.

ACBA-CREDIT AGRICOLE BANK, ARDSHININVESTBANK AND ARMECONOMBANK ARE LEADERS BY NUMBER OF PLASTIC CARDS ISSUED IN ARMENIA IN 2009
/JAN 25/ArmInfo/
In total, within the frames Armenian Card, 190346 plastic cards of ArCa, VISA and MasterCard systems were issued.
  ACBA-Credit Agricole Bank is the leader by the number of plastic cards issued in 2009 under the Armenian Card (ArCa) payment system. The bank issued 43102 cards, which make up 22,6% of the total. It is followed by :
  Ardshininvestbank which issued 23201 cards (or 12,2% of total)
  Armeconombank with 21180 cards (or 11,1% of total)
  ARARATBANK, having issued 20431 cards (or 10,7% of total)
  Converse Bank with 19913 cards (or 10,5% of total).
  At the same time, in 2009 a total of 291 service points (bancomats exclusive) were involved in ArCa system, in which a total of 393 POS-terminals were installed mostly by Unibank, ACBA-Credit Agricole Bank, INECOBANK, Converse Bank, Anelik Bank.
Meanwhile, in 2009 a total of 122 new bancomats were registered in ArCa system (as against 180 in 2008), thanks to which the number of bancomats totaled 574 by 1 Jan 2010.

ARMSWISSBANK AND EBRD SIGNED $8 MILLION CREDIT AGREEMENTS
/JAN 27/PanARMENIAN.Net/
Armswissbank and the European Bank for Reconstruction and Development (EBRD) signed Wednesday $ 8 million worth credit agreements aimed at crediting small and medium business ($ 5 million) and funding the trade sector ($ 3 million).
The SME crediting agreement will enable the bank to increase credit volumes in the sphere. The maximum loan amount will make $ 500,000 with the interest rate comprising 14%-16%. Companies having no more than 250 employees are eligible for loan programs.
The bank implements its activities in 3 spheres : corporate, investment and private banking.

ARMENIAN GOVERNMENT ANNOUNCES MORTGAGE ASSISTANCE PROGRAM FOR FIRST-TIME HOME-BUYERS
/JAN 29/Tert.am/
Today, the Armenian government announced that it will begin a program of securing affordable housing for young families. 3 billion AMD is been allocated for the first stage of the program.
Funds will be distributed through banks, through the mortgage loans, which the government will, to a certain extent, subsidize.
The mortgage loans will be given to first-time home-owners at 8.9 to 9% for a 10-year term. Young families will require to make a down-payment of at least 30% of the loan.
Armenian Prime Minister Tigran Sargsyan called this a very important decision since it will allow thousands of new families to secure their own homes. According to his calculations, families will be paying 130,000 AMD per month in mortgage payments - this, in a country where the average salary (assuming one lives in the capital city) is less than 100,000 AMD a month.
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