The proposed amendment envisages that banks and credit organizations can provide consumer loans and credits, housing mortgage credits only in AMD and housing mortgage credits for non-resident physical persons in foreign currency as well.
The RA NA Standing Committee on Financial-Credit and Budgetary Affairs debated and endorsed the draft law on Amending the Law on Currency Regulation and Currency Control authored by the NA deputies Gevorg Papoyan, Arusyak Manavazyan, and Narek Grigoryan at March 13 sitting in the second reading.
The necessity for the draft adoption is due to the fact that in recent years the volatility of financial and non-financial assets, foreign currency exchange rate has increased, which can cause huge risks for citizens with foreign currency loans. The latter is especially typical for large and long-term housing mortgage loans.
The key rapporteur, the NA Chair of the Standing Committee on Financial-Credit and Budgetary Affairs Gevorg Papoyan informed that after the first reading, the Government presented proposals of an editorial nature, which were adopted by the authors.
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Gevorg Papoyan underscored that our fellow citizens will be protected from foreign currency risks with the draft.
A member of the NA Standing Committee on Financial-Credit and Budgetary Affairs Artur Khachatryan shared his certain concerns. According to the opposition deputy, there are no actual calculations in the basis of the draft law.
Gevorg Papoyan stressed that the financial system will better manage foreign currency risks.
The Executive Director of American Chamber of Commerce Lilit Gevorgyan, as well as the representatives of credit organizations shared their concerns.
The Chair of the NA Standing Committee on Financial-Credit and Budgetary Affairs Gevorg Papoyan and the Deputy Governor of the RA Central Bank Hovhannes Khachatryan gave comprehensive explanations to all the questions raised during the debate. According to Gevorg Papoyan, business and public interests should not be opposed, these interests should be in parallel.
According to the confirmation of the Central Bank Deputy Governor, the draft law introduces new game rules, which are aimed at the future and are very important tools.
National Assembly of the Republic of Armenia
