Central Bank Calls on Banks to Freeze Fraud-Related Loan Obligations

The Central Bank of Armenia has urged commercial banks to freeze all loan obligations that have arisen due to fraudulent activities. This was stated by the President of the Central Bank, Martin Galstyan.

He addressed the increasingly active issue where fraudsters are managing to extract personal data from citizens and arrange online loans in their names. “We have urged banks to find a solution, and at this moment, the solution is to freeze all loan obligations that have been formed due to such cases. Discussions with banks on this matter are ongoing. This issue is not trivial; we have committed to examining all episodes of this type that have occurred in Armenia, which requires significant resources from us, as each case is unique, and we will look at them one by one. We have informed all affected citizens about this situation,” said the Central Bank President.

He noted that specific banks where complaints have been directed are currently undergoing individual, in-depth inspections and studies by the Central Bank. At this moment, this concerns about 3-4 banks.