“The fact that banks kidnap clients, by lowering the loan, is a competition rather than a violation of the ethics rules.”, said member of “The Armenian National Congress” opposition bloc, economist Vahagn Khachatryan.
“A competition between banks has two standards: service quality and interest rate,” said Vahagn Khachatryan, referring to the statement, made at NA meeting by the head of the Central Bank Arthur Javadyan that the banks violate ethics rules by reducing the loan interest rate.
Vahram Baghdasaryan, MP from the Republican party of Armenia, had earlier noted that commercial banks violate so-called “ethics” by providing Lori marz (region) population loans with 18-20% interest rate thinking that Lori people are naïve. Vahagn Khachatryan in his interview to tert.am agreed that there are factors that contribute to high loans. According to him, these factors are the economic policies of the central bank, which takes action against inflation, lack of financial resources and credit risk.