ArmInfo.On Aug. 25, 2023, S&P Global Ratings raised its long-term foreign and local currency  sovereign credit ratings on Armenia to 'BB-' from 'B+' and affirmed its short-term foreign and local currency sovereign credit ratings at 'B'. The outlook is stable.  

ArmInfo.  All sectors positively influence the dynamics of economic growth in Armenia, but the services sector still plays the main role. However, monthly data since the beginning of the year show that services growth is gradually slowing down - this is largely due to last year's strong performance and demand adjustment.  This is stated in the regular Macroeconomic Review published today, prepared by analysts of the Eurasian Development Bank (EDB).

ArmInfo.

ArmInfo.

ArmInfo.

ArmInfo. Under the income tax refund program within the framework of mortgage lending, a total of  40 billion drams was returned to borrowers in 2022.  This was stated by the Minister of Economy of Armenia Vahan Kerobyan during the opening of the international specialized exhibition: " Caucasus:  Building and Reconstruction Expo 2023".

ArmInfo. The services sector remains the main driver of economic growth in Armenia.  Inflation remained unchanged  in February. The negative balance of merchandise trade declined against the backdrop of faster growth in the value of exports over  imports. The course of dram has risen. This is stated in the March "Macro Review", prepared by analysts of the Eurasian Development Bank  (EDB).

ArmInfo.If the exchange rate does not contribute to the expansion of the exportable sectors of the economy, the Central Bank will have no choice but to start relying on the Government. Former Minister of Finance of Armenia, director of the Institute of Economics and Business of the RAU, Doctor of Economics. Edward Sandoyan expressed a similar opinion during the RAU Global Forum. In such a case, as the economist further noted, the authorities will have to use fiscal mechanisms to stimulate exportable sectors of the economy.

ArmInfo.Haykaz Fanyan, director of the Modex consulting company, warns of the danger of a repetition of the "South Korean scenario" in Armenia and calls on the  authorities to "blow off" the mortgage bubble in the real estate  market.

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ArmInfo. The share of foreign-exchange mortgage loans in the Armenian commercial banks' loan portfolio has been 17% over the last five years, Hovhannes  Khachatryan, Vice-Chairman of the Central Bank of Armenia (CBA),  stated in Parliament on February 10.

ArmInfo. The Armenian economy maintains high growth rates, but the service sector remains its main driver. This is stated in the February "Macroeconomic review", prepared by analysts of the Eurasian Development Bank.

ArmInfo. The Central Bank of Armenia continues to increase the premium to the capital adequacy ratio buffers- countercyclical capital buffer, the rate of which from  August 2023 will reach 1.5% of risk-weighted assets. As noted on the  official website of the Central Bank of Armenia, the purpose of  increasing the " countercyclical capital buffer is to support the  stability of the banking sector to systemic risks that have a high  probability of materialization.

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ArmInfo.The National Assembly of Armenia, at an extraordinary meeting on December 23, in the second and final reading, introduced amendments to the Tax Code,  which provide for the introduction of a system of universal  declaration of income.

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ArmInfo.

ArmInfo. The Executive Board of the International Monetary Fund (IMF) approved SDR 128.8 million (about US$171.1 million) 36-Month Stand-By Arrangement (SBA) for  Armenia to help maintain macroeconomic stability, provide insurance  against downside risks, and support structural reform agenda.

ArmInfo.

ArmInfo.