- Citizens affected by financial fraud protested outside the Central Bank.
- They rejected new loan settlement offers presented by banks.
- The Public Oversight NGO demanded open talks with media present.
- Leaders accuse the banks of pushing unfair and risky agreements.
- Protesters call the banks’ demands unjust and label them as exploitation.
Citizens Rally at Central Bank Over Loan Disputes
On February 14, citizens who have been victims of financial fraud gathered outside Armenia’s Central Bank to protest what they describe as unjust banking demands. The protesters claim that fraudulent actors have taken out loans in their names, amounting to sums such as 12 million AMD and $53,000 USD.
Public Oversight NGO Raises Concerns
Mher Karagyozyan, head of the Public Oversight NGO, stated during a media interview that some banks have not responded at all to their concerns. According to him, previous agreements reached with Central Bank officials, which aimed to cancel loan claims against defrauded citizens, were not honored.
Rejection of New Settlement Offers
Karagyozyan highlighted that ID Bank has proposed new agreements that would suspend loan obligations for two years, then reduce interest rates from 24% to 12%, or alternatively, cancel the loan for five years and resume payments at 12% afterward. The NGO and citizens have firmly rejected these offers, questioning why they should enter any agreement if they currently hold no valid loan contracts with the banks.
Call for Transparent Dialogue with Central Bank Officials
The protesters are demanding a direct meeting with authorized Central Bank officials, insisting that any such talks take place publicly and in the presence of media representatives. Karagyozyan emphasized they will not meet behind closed doors or accept what they describe as unlawful proposals.
Photo credits to Photolure