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Business loans made up the majority of the loans provided in 2020, Chairman of Armenia’s Central Bank Martin Galstyan said on Thursday.

“The main type of loans granted in 2020 were business loans making up 67%, mortgage loans made up 24%, agricultural loans – 7.1% and consumer loans – 2.5%," he said.

According to him, mortgage and business loans increased last year, which was attributed to loans provided under state support programs. He said, in general, there was a significant decrease in demand for new loans in 2020.

The Central Bank chief noted that last year a certain decrease in capital adequacy ratio was recorded compared to 2019, the liquidity level also fell from 29.1% to 25.6%, but the lowest allowable threshold was 15%, which means that it is higher than the minimum level.

Presenting the measures taken by the financial system to withstand the disaster of 2020, the bank chief said that the organizations operating in the sphere provided loans of about 1.3 trillion drams within the framework of 980,000 loan agreements.

He said Armenian banks have also forgiven 2.5 billion drams worth loan debts to the Artsakh war victims, their relatives and people who had disabilities as a result of the war.