Armenia Finance Ministers signs USD 25 million loan agreement in Vienna

Armenia’s Finance Minister Gagik Khachatryan today met with the Director-General of OPEC Fund for International Development (OFID) Suleiman Jasir Al-Herbish in Vienna, Information Department of Armenia’s Ministry of Foreign Affairs reports. Loan agreement on funding the Infrastructure and Rural Finance Support Programme (IRFSP) by USD 25 million was signed at the meeting. “The programme aims to improve water supply and irrigation systems in 7 provinces of Armenia, giving priority to the areas with the highest poverty indicators. The programme intends to raise the productivity of small landowners’ irrigated lands and contribute to the reduction of poverty,” the...

Thailand jeweler: Tax decrease can make Yerevan global jewelry exchange house

Lowering customs duties on jewelry can make Yerevan a worldwide jewelry exchange house for Armenians all over the world, Mr Zohrab Istanboulian, Thai jeweler of Armenian descent, told Armenian News. Istanboulian, who runs his own Bangkok-based production company, Zorab Creation, pointed out to the successful case of Dubai, which became a global trading centre for jewelry, gold, and precious stones. This breakthrough owes much to a business-friendly taxation, Istanboulian added. “We want a success story of that kind in Yerevan too. If the government lowers taxes, Armenian producers will bring their jewelry to Yerevan and make sales from here”, he added. This is likely to boost...

Expert: Summer reduced Armenia monetary issues

YEREVAN. – The summer season reduced the monetary problems in Armenia, and which are due to the fall of the Russian ruble, stated economist Vilen Khachatryan, at a press conference on Tuesday. In his words, the Russian ruble’s decline should have impacted Armenia’s economy, and resulted in a drop in the exchange rate of the Armenian dram. This impact, however, was felt partially, as the reserves of the Central Bank of Armenia reduced in June, albeit they were on the rise since January. In addition, dollar remittances from Russia to Armenia also dropped. “Armenia should feel by 50 percent what is happening in Russia, but this didn’t happen now,” noted Kh...

PM to prove that international organizations rushed in Armenia economic growth assessment

PM to prove that international organizations rushed in Armenia economic growth assessment 15:59, 01.08.2015 Region:Armenia Theme: Economics Prime Minister Hovik Abrahamyan assured that, despite the negative forecasts by international rating agencies, the Government of Armenia will ensure the 4.1-percent economic growth envisioned by the 2015 State Budget. “In the months of January-June, our economic growth made up 4.5 percent,” Abrahamyan on Saturday told reporters in Gyumri city. “All international organizations were giving a negative assessment, and we urged them not to rush. “A 4.1-percent economic growth is put on the basis of the 2015 budget. I&...

EBRD gives dim outlook for Armenia - GDP decline of 1,5% in 2015

Armenian GDP is projected to decline by 1,5% in 2015, according to the forecast, published today by the  European bank of Reconstruction and Development. The decline looks still harsher against the background of 3,4% growth in 2014. For 2016, EBRD predicts 1,0% growth. Prospects across the CIS are generally not very optimistic, affected by the impact of the recession in Russia.  In Ukraine, the GDP is expected to shrink by 7,5%, given the unresolved conflict in the east of the country, the depreciation of national currency, energy tariffs hikes, and restrictions of access to credit. Georgia and Azerbaijan are expected to fare better than Armenia, with estimations of 2.3% and 1,5...

Dollar continues gaining value in Armenia

YEREVAN. – The American national currency (USD) exchange rate against the Armenian dram (AMD) was AMD 480.91/$1 in Armenia on Wednesday; this is up by AMD 0.34 from Tuesday. The exchange rate for one euro was AMD 539.92 (down by AMD 1.49), that of one British pound was AMD 752.86 (down by AMD 0.72), and the rate of one Russian ruble was AMD 9.70 (up by AMD 0.23), informed the press service of the Central Bank of Armenia. One gram of silver, gold and platinum amounted to AMD 254.5, AMD 18,422.51 and AMD 17,533.47, respectively. Wednesday’s trading totaled USD 1.8 million at NASDAQ OMX Armenia stock exchange. The transactions were conducted at an average exchange rate of AMD 482...

Armenian IT start-ups to get tax exemptions shortly

YEREVAN. - Very soon the IT start-ups in Armenia will for the first time be exempted from taxes, Arkadi Sahakyan, lawyer of the Union of information technology enterprises (UITE), told Armenian News – at the conference of Small and Medium Enterprise Cooperation Association. He reminded that the Law on state support to the IT sphere entered into force on January 1, 2015, but it actually began to be applied in April: it took several months for the interagency Committee on consideration of tax exemption applications from start-ups to draft the regulation. The Committee is made up of 7 members who represent Armenia’s Economy and Finance Ministry and the Armenian Gov...

Armenian cross placed underwater in Lebanon

An Armenian cross was placed 35 meters deep in the Mediterranean Sea on Sunday. The cross is dedicated to the memory of those Armenians who perished drowning in rivers and seas during the Armenian Genocide, escaping rape, abduction and torturous death by Turkish officers in 1915. The placement of the cross was organized under the patronage of Armenia's Embassy to Lebanon, the Armenian Genocide Centenary Central Committee of Lebanon, and His Holiness Nercess Bedros 19th Patriarch of the Armenian Catholic Church in Beirut. The cross was placed by Octopus Team diving club, reported.

Sargsyan: Ancient Armenian fortress town of Shushi was liberated on this day

The President of Armenia, Serzh Sargsyan, on Saturday issued a congratulatory address on Victory and Peace Day. “Dear compatriots: “I cordially congratulate you on the occasion of Victory and Peace Day. “Today is a special jubilee day. It marks the 70th anniversary of the historic victory in the Great Patriotic War. It was the crushing blow of the multinational Soviet army that decided the outcome of the war in Europe in May 1945. “From fighting on the frontline and in guerilla detachments to getting involved in underground and resistance activities, Armenians brought their contributions towards the total defeat of Nazi forces. We struggled in the trench of justic...

US dollar rate keeps going up in Armenia

YEREVAN. – The American national currency (USD) exchange rate against the Armenian dram (AMD) was AMD 481.39 $1 in Armenia on Wednesday, a 0.77 point rise as compared to the previous day. The exchange rate for one euro was AMD 539.78 (up by AMD 5.43), that of one British pound was AMD 730.75  (up by AMD 3.96), and the rate of one Russian ruble was AMD 9.61 (up by AMD 0.26), informed the press service of the Central Bank of Armenia. One gram of silver, gold, and platinum amounted to AMD 253.98, AMD 18,526.02 , and AMD 17,891.47, respectively.