Banks keep people dependent on them
We do not have an independent Central Bank and independent financial system, says Candidate of Technical Sciences Karlen Aleksanyan. The banking system in Armenia has numerous unsolved problems arising from dependence of outer forces. Banks, in their turn, keep people dependent on them by setting higher interest rates. “You take a loan with interest rates as high as 24%, your income makes 10-15%. Obviously, you cannot hope for success,” he said. These processes have their impact on all spheres. “Agriculture and science are destroyed. Of the 33 000 scientific and technical personnel only 3500 have remained in Armenia,” says Doctor of Physical and Mathematical Sciences Ashot Gevorgyan. Civil engineer Garnik Sargsyan added, “About 1500 factories have closed down in Armenia in 23 years, emigration figures have skyrocketed, education is in horrific situation, mortality rate has increased.”
