Already for the fourth time ARARATBANK has been recognized as the most active issuing bank of Armenia

14.05.2015, Yerevan:  Within the framework of the International Trade Facilitation Program (TFP) ARARATBANK OJSC was recognized by the European Bank for Reconstruction and Development (EBRD) as the most active issuing bank of Armenia in 2014.

The award was handed to the delegation of ARARATBANK OJSC, headed by the BoD Chairman Barsegh Beglaryan at the Trade Facilitation Conference, held within the framework of EBRD Annual General Meeting in Tbilisi. It should be noted that ARARATBANK has been honored with TFP Award for the fourth year running.

Senior Banker at EBRD Kamola Makhmudova pointed out: “The bank has been actively participating in all EBRD programs. It has big achievements in the implementation of staff qualification-related programs and such achievement is conditioned by the latter”.  

Due to the cooperation launched with EBRD still in 2007, out of trade facilitation tools the bank offers documentary letters of credit and guarantees both for import and export purposes, the effective annual interest rate of which is up to 4%, depending on the terms of the transaction.     

Implementing TFP jointly with the European Bank of Reconstruction and Development, in 2010 ARARATBANK introduced one more tool – Revolving credit agreement (RCA), aimed at financing import transactions in the form of giving prepayment. In this case the annual interest rate, depending on the terms of transaction, is up to 7%.

Note that in 2014 ARARATBANK executed documentary transactions of about USD 47 million, which increased by 52% vs. the figure of the previous year.