Goskatunsky bonds should serve as an excess liquidity tool, and not the only way of liquid investments.
This opinion was expressed by the chairman of the Central Bank of Armenia Tigran Sargsyan. Today, banks, considering state bonds as liquid investments, direct funds to finance the state, and not the country’s economy. To change the situation, it is necessary to further reduce the profitability of government bonds so that banks are more active in lending the economy. It should be noted that the share of the economy lending to combines as of October 1 last year amounted to 5.98% of GDP against 4.44% as of January 1. The share of investments in the GOSK bonds in GDP is 3.33% against 1.97% for January 1. Interest rates on drama loans in the first nine months of 2003 increased from 23.4% to 25.6% on average, and on dollar loans — from 19.4% to 19.5% per annum.
