Compared to the same period of the last year in the first quarter of 2009 the 22 trade banks of Armenia forecast nearly 64% decrease of credits to citizens. This information is provided by the 4th quarter report of the statistics department of the Central Bank of Armenia. According to this if in the first quarter of 2008 the amount of the offered mortgage credits amounted to 5.5 billion AMD this year the banks forecast 2 billion, which is 3.5 billion less. There is another outstanding datum included in the CB report. According to the banks’ forecast in the first quarter of this year the volume of the capital outflow from Armenia will increase by 160% and will amount 300 million USD. Thus, as a result of the “wise” policy of the government and the CB the only good left to export from Armenia is USD.
