Clifford: current world tendency of increase in interest rates to be seen also in Armenia sooner or later

22 November, 2011

The current world tendency of increase in interest rates will be seen also in Armenia sooner or later, HSBC Bank Armenia CEO Astrid Clifford said Tuesday at a news conference.

Answering ARKA News Agency’s question, she said that interest rates on loans would go up in the future, but found it difficult to forecast something applying to interests on deposits. She said they might rise as well, but not as high as lending interests.

Clifford said that interest rates are gradually going up not only due to world developments, but also to legislative reforms, which make banking activity more and more expensive. Therefore loans are increasingly becoming expensive.

HSBC Bank Armenia CEO also said that competition among Armenian banks continues – they attract businesses by downing interests on loans.

But the situation will change in the future, since world developments will surely impact things in Armenia and competition based on lowering interests will lessen.

ARKA

Last updated on: 29/11/2011 14:00