YEREVAN, SEPTEMBER 6, NOYAN TAPAN. It has been forecast that the amount of mortgage crediting will at least double in Armenia by results of 2007 as compared with last year, the head of the Central Bank of Armenia (CBA) Financial System Policy and Analyses Department David Sargsian said at the September 6 press conference. According to him, mortgage crediting by Armenian banks made 23 bln 770 mln 50 thousand drams (over 57 mln 134 thousand USD) in 2006, which is more by 114% than in the previous year. D. Sargsian said that a growth has been registered this year in crediting of consumer sector, trade, industry and agriculture. In particular, crediting of industry and agriculture has grown by 27-35%. According to the CBA representative, the crediting growth rates in these sectors will contunue by late 2007. To recap, the sum of 39 bln 263 mln 980 thousand drams provided to industry as of December 31, 2007, has increased by 0.4% in a year, while 14 bln 196 mln 429 thousand drams to agriculture has increased by 25.6% in a year. In the words of D. Sargsian, the average decline in credit interest rates made 0.5% in January-June 2007. Business crediting was done at the average interest rate of 15% in 2006, whereas now it makes 14-14.5%, while interest rates of consumer crediting have fallen from 21-21.5% to 19%.

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