The head of the Central Bank of Armenia, Martin Galstyan, announced that new mechanisms are being developed jointly with the government to support citizens facing difficulties in repaying loans due to the impact of the pandemic, military conflicts, and natural disasters.
During the discussion of the 2025 state budget in Armenia’s National Assembly on November 12, concerns were raised about the credit burden on citizens, particularly in the agricultural sector. MP Garnik Danielyan from the "Armenia" faction expressed concern that many responsible citizens are at risk of losing their pledged assets due to income loss caused by various crises.
According to the head of the Central Bank, the banking system already has experience in supporting borrowers in difficult situations. "Banks have actively assisted clients, offering loan restructuring, interest forgiveness, and even partial debt forgiveness," Galstyan noted.
Work is currently underway to create a systematic solution for improving the credit history of borrowers who have encountered difficulties. The new mechanism aims to streamline the support process for responsible borrowers who previously were denied bank assistance.
As Galstyan emphasized, particular attention will be focused on challenges in the agricultural sector, where many citizens face serious obstacles in obtaining credit support.
