Due to the spread of COVID-19 in the world, uncertainties regarding economic activity and its prospects have increased, as a result of which the challenges of ensuring macroeconomic stability have also increased.
In this situation, the Central Bank of RA, while performing its functions as a regulator and supervisor, will be guided by the need to ensure financial stability, which is the main goal, to maintain the continuity of the financial system, while balancing its actions in the context of maintaining economic activity.
For the stated purposes, the Central Bank of RA possesses a wide set of instruments for ensuring financial stability (liquidity provision instruments, macroprudential and economic norms), which are used by the Central Bank as necessary to absorb or mitigate possible adverse effects on the financial system. At different stages of the further course of events, the Central Bank is also considering the application of approaches that balance the interests of all parties.
For the effectiveness of the implemented policy, the Central Bank constantly communicates with banks, credit organizations and other participants of the financial market, and also emphasizes the close and transparent communication of the latter with their clients.
We also remind that as a result of the close cooperation and operational actions of the Central Bank and financial organizations, all those citizens who, due to various insurmountable circumstances beyond their control, are faced with the problems of fulfilling their credit obligations in accordance with the contract, have the opportunity to apply to their service organization to apply an individual approach to their credit obligations. purpose. As a result, a mutual agreement can be reached based on the assessment of the client’s cash flows by the financial institution, so that the client’s credit burden does not increase dramatically and temporary difficulties do not negatively affect the latter’s credit history.
At the same time, we consider it expedient to carry out communication between financial organizations and clients through phone calls or correspondence whenever possible, and we also urge citizens to use electronic banking services (payment applications, online banking services) as much as possible when carrying out financial operations.
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