Financial bomb in the banking system
168.am · 11 minutes
“A big financial bomb has already been planted in our banking system, because money has come into the banking system in large quantities, and the banking system had to sell that money somewhere, and it has done so by providing more loans. If we look at mortgage loans in the banking system’s portfolio, in 2018 they were approximately 8%, currently they are 24%, that is, they have increased three times. One in six of the working-age population is currently on the blacklist in the banking system. In 2025, 38% of our GDP was provided by the financial system, real estate and construction cluster. In 2025, legal entities sold six times more apartments in the real estate market than they bought. That is, capital was already flowing out in 2025.”
“Our banking system is undergoing an evergreening process. Small and medium-sized developers came to the banks and said, ‘We can’t close it,’ but the banks said, ‘It’s okay, let’s replace your small loans with a large loan so that you can close it,’ meaning they are closing the loan with a loan. On the other hand, most of the gold from Russia, 55%, went to Dubai, from there the money came to the Republic of Armenia, and at the moment the money is leaving Dubai. Agriculture is the only sector that has declined 18% since 2018. The peasant does not stay in the village, he comes to Yerevan, and if we lose the people living on our border, then our border will weaken.”