The Head of the Central Bank of Armenia, Martin Galstyan, announced the launch of a new program to support small and medium-sized businesses, which provides for a reduction in interest rates on loans for conscientious companies. According to him, rates can decrease by 1–1.5% for both new and existing loans.
As the head of the regulator noted, the program differs from the usual support measures: now the authorities have decided to focus not on problematic companies, but on successful businesses with stable indicators and good tax discipline. Galstyan emphasized that this approach should stimulate the development of efficient enterprises and create an additional impetus for the country's economy.
The Central Bank believes that reducing risks for banks will make lending to such borrowers cheaper. Representatives of the banking sector have already supported the initiative and began to announce plans to reduce rates for some clients from the SME segment. The new program was presented at a conference dedicated to the development of small and medium-sized businesses in Yerevan.