Rising interest rates and stricter lending rules set by commercial banks after recent exchange rate fluctuations are dealing another blow to economic growth in Armenia which looks set to slow down considerably this year.
According to official statistics, the average cost of borrowing in the country rose by 2 percentage points in February to 19 percent despite a stabilization of the Armenian dram's exchange rate. The dram had weakened by roughly 17 percent against the U.S. dollar since October, leading the Central Bank of Armenia (CBA) to sharply raise its benchmark refinancing rate.
Armenian News
No comments:
Post a Comment