Friday, June 28 2013 16:12
Head of NASDAQ OMX Armenia: We expect significant activation in the equity market with introduction of the accumulative pension system
ArmInfo. The equity market of Armenia will significantly activate with introduction of the accumulative pension system on January 1 2014. Director General of NASDAQ OMX Armenia Konstantin Saroyan told media, on June 28. He said that the stock exchange market will develop with creation of a foreign currency bonds trading floor and new trading systems.
"In the context of the equity market development, the year 2013 is active, of course. Along with banks, the private sector has also activated in the market of corporate bonds. Therefore, we expect further growth of transactions and new issues," Saroyan said. He recalled that transactions in the market of corporate bonds for Jan-Apr 2013 exceeded 1 bln drams, which is twice as much as the annual indicator of 2012.
To recall, voluntary accumulative pension system was introduced in Armenia on Jan 1 2011. The system will become compulsory starting Jan 1 2014. According to the bill, the minimal pension in the country will be equal to the minimum wage, while the basic pension will total 150% of the minimum wage. The new system will cover people below 40, who will be able to transfer 5% of their wages on a voluntary basis. However, the Government will not pay additional 5% for them as this group will get both basic and labor pensions in the form they are today. Besides compulsory payments to the pension fund, people will be able to make voluntary contributions to the pensions schemes of different insurance companies and pensions funds for ensuring an additional source of pension. The amount of contributions will be subject to agreement.
At present, bonds of Artsakh HPP (in terms of national dram, 1st issue), SAS Group (foreign currency. 1st issue), Araratbank (both AMD and USD, 4th, 5th and 6th issues) are quoted at NASDAQ OMX Armenia in the Bbond category.
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