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In the context of the global developments of recent years, the uncertainties in the financial and non-financial markets have increased, as well as the exchange rate volatility has increased. In terms of this, foreign exchange rate volatility causes significant risks not only for the state, but also for those citizens who have foreign currency and especially mortgage loans. The problem is particularly vivid in the case of housing mortgage loans, when the volume of the loan is large and has a long term. Unfavorable currency volatilities cause great risks, leading to non-payment of loans and other problems derived from it. The chair of the Standing Committee on Financial-Credit and Budgetary Affairs Gevorg Papoyan said this presenting the draft law On Amending the Law on Currency Regulation and Currency Control at the RA NA regular sitting on February 10.

He explained that since they had a floating exchange rate, as a result of its increase, tens of thousands of people would not be able to fulfill their credit obligations, therefore, they would lose their apartments, and the real estate market would face a crisis. In order to avoid such risks, the legislative amendment was proposed, the logic of which is as follows: if a citizen does not have foreign currency income, he should naturally take a dram mortgage loan to neutralize and manage his risks.

Presenting statistical data, Gevorg Papoyan mentioned that at the moment the situation is quite stable, and the weight of non-performing loans in mortgage loans, if it is dram, is 1.5 percent. The share of foreign currency loans among non-performing loans is three times larger, which is more pronounced especially during shocks.

The MP Davit Arushanyan, emphasizing the proposed changes, inquired whether the project refers only to mortgage loans. Gevorg Papoyan informed that in the case of consumer loans the restriction is already in effect, and the proposed regulation applies only to mortgage loans.

Babken Tunyan, the Deputy Chair of the Standing Committee on Economic Affairs, inquired whether the project was discussed with the representatives of the credit organizations operating in the financial system, since they attract resources only in foreign currency.

According to Gevorg Papoyan, the idea of the draft law arose at the beginning of 2020, and there were discussions with the representatives of the Union of Banks and the Central Bank. According to him, there were certain concerns at that time, and the debate of the draft law was postponed: there is already a certain agreement, as well as a political decision and the protection of consumers' rights is highlighted.

In response to Babken Tunyan's next question, what is the main aim of the project in the end: to protect the interests of consumers or borrowers or to reduce the level of dollarization, Gevorg Papoyan answered. “The aim of the project is to reduce the level of dollarization and the risks arising from it, as well as to protect the rights of consumers”

Edgar Hakobyan presented the endorsement of the Standing Committee on Financial-Credit and Budgetary Affairs.

The Deputy Governor of the Central Bank Hovhannes Khachatryan, presenting the position of the Central Bank, referred to the questions raised by the MPs. According to him, the financial organizations, unlike citizens, have tools to manage risks. Noting that the issue has been discussed many times, the Deputy Governor of the Central Bank added. "We hope that we will not see a significant increase in interest rates in the near future, all things considered."

Emphasizing that the dollarization of the economy is risky, the MPs presented their concerns and observations regarding possible risks and the emergence of unequal competitive conditions. It was noted that a joint discussion with the participation of interested representatives will be organized between the first and second reading.

In the final speech, Gevorg Papoyan expressed his gratitude for the substantive discussion, as well as referred to the observations and concerns expressed by the deputies.

The RA Deputy Minister of Economy Rafayel Gevorgyan presented the amendments authored by the Government to the RA Law On State Duty. According to him, the presentation of the draft derives from Article 25 of the Treaty on EAEU Trademarks, according to which the member states define the types of actions of the legal significance in the case of registration, legal protection and use of trademarks of the Union and place names of origin of the Union's products, as well as the execution of amounts of fees paid during the performance of legally significant actions.

The issue was debated in the Standing Committee on Regional and Eurasian Integration Issues and was endorsed: the Committee member Aleksey Sandikov said about this.