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Base Rate Review

Dear Customer,

Please be advised that on 20 September, 2023 the refinancing rate defined by the European Central Bank (hereinafter ECB) was increased by 0.5 percentage points, setting at 4.5%.

Thus, the cumulative increase of the refinancing rate since the EUR Base rate last revision done by “HSBC Bank Armenia” CJSC (hereinafter the Bank) on 30 December 2022 has totaled to 2 percentage points, which is a trigger for EUR Base rate review.

Market research results conducted in parallel reveal that after the Bank’s EUR Base rate last revision the trend in refinancing rate increase in the RA market continued but not to the extent of the increase in the ECB refinancing interest rate.

Considering the above mentioned and aiming to respond to the refinancing rate increase in the international market, the Bank has decided to define the value of the ECB refinancing rate component included in the EUR Base rate at 4.5% respectively.  At the same time, taking into account, that RA market interest rate increase isn’t in line with the ECB refinancing rate increase, the Bank has decided to decrease the BR fixed margin component value to 4.5%.

Thus, as a result of the EUR Base rate review, the EUR Base rate value has been increased by 0.5 percentage points from 8.5% to 9.0%.

EUR Base rate review date: 29 September 2023.

Effective date: 11 December 2023.


Thank you for banking with us.


"HSBC Bank Armenia" CJSC

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