Thursday, October 13 2016 23:46

Armenian Central Bank reacts to statement made by first President of Armenia Levon Ter-Petrosyan

Armenian Central Bank reacts to statement made by first President of Armenia Levon Ter-Petrosyan

ArmInfo. Central Bank of Armenia  has reacted to the statement made by first President of Armenia Levon  Ter-Petrosyan, according to which the country may face real economic  collapse, this time called default. 

The statement spread by the CBA particularly reads. "Central Bank of  Armenia as an established professional structure during its operation  has been refraining from assessing non professional and non grounded  information, disseminated in society and mass media and this policy  has not changed.  Considering that today Levon Ter-Petrosyan has  publicly expressed his concern related to economic condition in  Armenia and forecasted 'default' we want to answer to this concern by  way of exception.  Default in this case means non-fulfillment or late  performance of debt obligations by the state. Armenia has been  fulfilling and continues to meet its obligations without any problems  and there are no upcoming risks, which will make the country  incapable to service all or part of its obligations".  

Moreover, the CBA statement reads that there are a number of  indicators, which testify to Armenia's enough financial solvency in  future, such as stability of debt and foreign currency markets,  improvement of balance of payments, sufficient level of international  reserves, as well as growth of amount of state bonds turnover on  internal and external markets and significant reduction of interest  rates. 

To note earlier first President of Armenia Levon Ter-Petrosyan stated  that Armenia may face economic collapse in the nearest future. "While  the ruling regime is busy with theater ceremonies of reforming  electoral and government systems, which are obviously aimed at  strengthening and retaining the running power rather than at  recovering the state, the country may face economic collapse called  default", Ter- Petrosyan noted. 

According to the data of Armenian Finance Ministry by the end of  2016, the foreign debt of Armenia will grow from 43.7% to 54.4% of  GDP, Finance Minister Vardan Aramyan told journalists on October 4.  In his words, the foreign debt increased by $900million in 2014-2016.   By the end of the year, the government's debt will reach $4.4billion  drams, Central Bank's debt will grow to $532million. As a result, the  summary foreign state debt will make up about $5billion. The internal  debt, the minister said, will reach $934million. "The total state  debt will reach $5.9billion by the end of the year," Aramyan said.  The foreign debt to GDP ratio will make up about 49%, the total debt  to GDP ratio - 54.4%.


News
Belarus is interested in strengthening cooperation with Armenia in  field of high technologiesBelarus is interested in strengthening cooperation with Armenia in  field of high technologies
GITC, IBM to implement artificial intelligence education programme GITC, IBM to implement artificial intelligence education programme 
Japanese government to provide grants for implementation of 2  programs in Armavir and Lori regions  Japanese government to provide grants for implementation of 2  programs in Armavir and Lori regions  
Armenia`s developers to submit documents online soonArmenia`s developers to submit documents online soon
Armenia`s vice-premier calls for larger share of national currencies  in EAEU tradeArmenia`s vice-premier calls for larger share of national currencies  in EAEU trade
EDB to intensify work in ArmeniaEDB to intensify work in Armenia
Ardshinbank named the Best Bank of the Year by The Banker international magazineArdshinbank named the Best Bank of the Year by The Banker international magazine
EDB analysts have no assessment of economic benefits that Armenia  will receive from unblocking of regional transport corridorsEDB analysts have no assessment of economic benefits that Armenia  will receive from unblocking of regional transport corridors
Greenhouse for growing roses to be built in Aragatsotn region of  ArmeniaGreenhouse for growing roses to be built in Aragatsotn region of  Armenia
Gnel Sanosyan: Unfortunately, there have been cases of revealing  design and construction flaws during implementation of subvention  programsGnel Sanosyan: Unfortunately, there have been cases of revealing  design and construction flaws during implementation of subvention  programs
Armenian entrepreneurs appealed to PM to extend embargo on import of  Turkish goods Armenian entrepreneurs appealed to PM to extend embargo on import of  Turkish goods 
EDB Analyst: Armenia`s public debt level will remain above  pre-pandemic level until 2026EDB Analyst: Armenia`s public debt level will remain above  pre-pandemic level until 2026
EDB ready to provide loan for construction of Meridian highway of  Europe-Western China transport corridorEDB ready to provide loan for construction of Meridian highway of  Europe-Western China transport corridor
IFC ready to participate in reforms in Armenia IFC ready to participate in reforms in Armenia 
42% year-on-year growth in net private money transfers to Armenia in  Jan-Oct 202142% year-on-year growth in net private money transfers to Armenia in  Jan-Oct 2021
Armenia Securities Exchange  introduced corporate bond exchange  indices for the first time in regionArmenia Securities Exchange  introduced corporate bond exchange  indices for the first time in region
6.3% rise in real estate prices in Armenia`s capital this Oct6.3% rise in real estate prices in Armenia`s capital this Oct
Central Bank of Armenia joins Sustainable Banking and Financial  NetworkCentral Bank of Armenia joins Sustainable Banking and Financial  Network
EDB formulates idea of  Eurasian transport frameworkEDB formulates idea of  Eurasian transport framework
Tigran Balayan presented Armenia`s investment opportunities to  representatives of Dutch business sectorTigran Balayan presented Armenia`s investment opportunities to  representatives of Dutch business sector
Global businesses set to battle for talent as hiring plans fuel growth ambitionsGlobal businesses set to battle for talent as hiring plans fuel growth ambitions
Armenia`s gross international reserves increased by 38.2% per annum  by November 2021Armenia`s gross international reserves increased by 38.2% per annum  by November 2021
Vahan Kerobyan will take part in Second Eurasian Congress in MoscowVahan Kerobyan will take part in Second Eurasian Congress in Moscow
Statistics: Armenia`s GDP increased by 11.1% per annum in 9 months of  2021Statistics: Armenia`s GDP increased by 11.1% per annum in 9 months of  2021
New power plant of 254 MWe launched in YerevanNew power plant of 254 MWe launched in Yerevan
As of November 20, 2021, tax collection in Armenia exceeded  pre-crisis index of 2019 by 4.5%As of November 20, 2021, tax collection in Armenia exceeded  pre-crisis index of 2019 by 4.5%
Association of Restaurateurs reacted negatively to new decision of RA  Health Ministry Association of Restaurateurs reacted negatively to new decision of RA  Health Ministry 
ANIF, Masdar company discuss Ayg-1 project ANIF, Masdar company discuss Ayg-1 project 
Unpredictable pandemic situation, steadily high inflation remain major risks to scenario of Armenia`s  economic development - EDBUnpredictable pandemic situation, steadily high inflation remain major risks to scenario of Armenia`s  economic development - EDB
US$30m OPEC Fund loan to Ameriabank to promote sustainable energy and support small businesses in ArmeniaUS$30m OPEC Fund loan to Ameriabank to promote sustainable energy and support small businesses in Armenia
One Success Story: Trimming the SpiritsOne Success Story: Trimming the Spirits
EDB projects 2.9% growth in aggregate GDP of Bank`s member states in  2022EDB projects 2.9% growth in aggregate GDP of Bank`s member states in  2022
Representatives of Trade Mission of RF and EFSD discuss financing of  investment projects in Armenia and support for Russian exportersRepresentatives of Trade Mission of RF and EFSD discuss financing of  investment projects in Armenia and support for Russian exporters
4.3% year-on-year increase in economic activity in Armenia in  Jan-Oct, 20214.3% year-on-year increase in economic activity in Armenia in  Jan-Oct, 2021
New operator of Meghri FEZ plans to build a food packaging plantNew operator of Meghri FEZ plans to build a food packaging plant
Government subsidies to Syunik region reached 1.1 billion drams Government subsidies to Syunik region reached 1.1 billion drams 
Armenian authorities consider building three more bypass roads in  Syunik regionArmenian authorities consider building three more bypass roads in  Syunik region
Armenian government approves signing of Agreement on navigation seals  in EAEUArmenian government approves signing of Agreement on navigation seals  in EAEU
Contract for Kaps reservoir construction put out to tenderContract for Kaps reservoir construction put out to tender
VPOS number steadily increasing in Armenia  VPOS number steadily increasing in Armenia  
Non-cash plastic transactions continue to gain momentum; 30%  threshold in total volume has already been passedNon-cash plastic transactions continue to gain momentum; 30%  threshold in total volume has already been passed
Armenia to acquire a loan of 20 million euros for modernization of  urban land transportArmenia to acquire a loan of 20 million euros for modernization of  urban land transport
Russian company won tender on Ajapnyak subway station development  project: Yerevan Mayor hopes earliest possible financing of projectRussian company won tender on Ajapnyak subway station development  project: Yerevan Mayor hopes earliest possible financing of project
Black Friday CashBack from Converse BankBlack Friday CashBack from Converse Bank
Armenian-Belarusian Economic Cooperation Commission to meet in Minsk  Armenian-Belarusian Economic Cooperation Commission to meet in Minsk  
2.621mln plastic cards in Armenia`s banking market 2.621mln plastic cards in Armenia`s banking market 
Armenia, Belarus study prospects for cooperation in organic  agricultureArmenia, Belarus study prospects for cooperation in organic  agriculture
Mher Grigoryan, Sergei Glazyev discuss main areas of cooperation  within EAEUMher Grigoryan, Sergei Glazyev discuss main areas of cooperation  within EAEU
Macroeconomic Research Centre at Financial Research Institute of RF  ready to assist RA Economy Ministry Macroeconomic Research Centre at Financial Research Institute of RF  ready to assist RA Economy Ministry 
Delegation of RA Economy to get acquainted with peculiarities of  operations with precious metals and stones in Bishkek within EAEUDelegation of RA Economy to get acquainted with peculiarities of  operations with precious metals and stones in Bishkek within EAEU
Armenia can be a major exporter of intellectual property and software  - Chi-Foon ChanArmenia can be a major exporter of intellectual property and software  - Chi-Foon Chan
Bank loans in all member-states to be available to all EAEU citizens Bank loans in all member-states to be available to all EAEU citizens 
Armenia most important EAEU member - Ilya Malkina Armenia most important EAEU member - Ilya Malkina 
How to escape the “black” side of Black Friday?  Some tips from Converse BankHow to escape the “black” side of Black Friday?  Some tips from Converse Bank
Allow yourself more: Rocket line - the leading Armenian Allow yourself more: Rocket line - the leading Armenian "Buy now, pay later" payment format from Idram&IDBank digital platform
On November 24-27, Yerevan will host 1st International Trade and  Industrial Exhibition On November 24-27, Yerevan will host 1st International Trade and  Industrial Exhibition "Eurasia 2021" and Eurasian Business Forum 
ICAO and IATA provide identification codes to FLYONE ARMENIA ICAO and IATA provide identification codes to FLYONE ARMENIA 
Pashinyan: Armenia registered stable growth rates of trade with the  EEU countriesPashinyan: Armenia registered stable growth rates of trade with the  EEU countries
New foil annealing mode reduces scrapNew foil annealing mode reduces scrap
Ameriabank to start distribution of $8mln USD tranche bonds on Nov.  25 Ameriabank to start distribution of $8mln USD tranche bonds on Nov.  25 
Read more


Exchange rates
03.12.2021
RUB6.650.04
USD489.991.49
EUR553.440.31
GBP650.950.12
CAD382.00-0.15
JPY43.240.07
CNY76.880.22
CHF532.141.45