ACBA-Credit Agricole Bank CEO has said that last year’s 3% decline in lending rates in Armenian banking system is a serious change.

According to Stepan Gishyan the trend will continue in 2012, with interest rates depending on the situation in the U.S. and Europe, “where economic crisis has turned into a political one.”

Stepan Gishyan assessed 2011 as quite productive for Armenia’s banking system, which remains stable.