The refinancing rate is the percentage the CB charges commercial banks for loans. Eight percent is quite high. In Europe and the States, the rate is .25%.
In 2010, Armenia exported large quantities of eggs to Georgia. In the last month alone, Armenia has imported over 7 million eggs according to the Ministry of Agriculture. 15 million in total have been imported this year.
When asked by Hetq about the $300 million debt, Government Chief of Staff Vatche Gabrielyan sent us an explanatory statement signed by Minister Movsisyan, noting that the arrears were accumulated during the period April 1, 2011 to July 6, 2013.
On the downside, it states that in 19% of Armenia’s markets monopolistic relations reign in comparison to a regional average of 6%.