Tuesday, April 11 2017 20:06
Alina Hovhannisyan

Armenian commercial banks start showing interest in cooperation with EIAA

Armenian commercial banks start showing interest in cooperation with  EIAA

ArmInfo. Armenian commercial  banks began to show an increased interest in cooperation with the  Export Insurance Agency of Armenia (EIAA), Executive Director of EIAA  Vazgen Abgaryan told ArmInfo correspondent.

"If earlier we asked banks to consider the possibilities of  partnership with the agency, now the situation has changed in many  respects - the institutional confidence of banks has increased, over  the past year the number of partner banks has increased from 1 to 8,"  Abgaryan said. This trend, according to the head of the state  company, is quite logical, as the banks are motivated by the specific  practice of the EIAA in agreements with other financial structures  and increasing turnover.

First, as Abagaryan explained, the banks that are most active in the  field of trade finance, then the less active players in this market,  join the cooperation. The expert connected the phased connection of  the banking community to cooperation with the EIAA with the natural  desire of the creditors to "hang" 100% of the risks on the Agency.  "Naturally, this is impossible, because any insurance product should  be logical and can not cover those risks that do not come from the  deliberate violation of the export contract," he said.  At the same  time, Abgaryan stressed: "When the real estate market is not so  liquid and forecasts are ambiguous and volatile, the availability of  insurance policy as primary security is growing. And banks began to  understand this".

To note, the "Pre-export financing" service of EIAA was launched in  the Armenian market in the spring of 2016, and involves providing  financing to exporters up to 80% of the value of the volume of  exported products at the production stage, in particular for the  purchase of raw materials and for covering transportation and customs  expenses. EIAA undertakes to cover 95% of the risks of partner banks.   To note, the Insurance Company CJSC "Export Insurance Agency" was  established in late October 2013 by the decision of the Government of  the Republic as an effective tool for export promotion .The main  function of the Agency is insurance of exporters (small and medium  enterprises) that are residents of Armenia from financial risks  (losses) in those cases when the foreign buyer does not fulfill his  obligations under the export contract on the terms of payment for  goods placed in installments. Trade risk, when the buyerrefuses to  pay due to bankruptcy or without legal justification, or political  risk in case of restriction of trade or bank transfers, prohibition  or restriction on currency exchange, as well as natural disasters,  wars and inability to pay due to other political events.


News
Economy Ministry announces launch of program to assist textile  industry in ArmeniaEconomy Ministry announces launch of program to assist textile  industry in Armenia
Government is preparing programs to support domestic producers in  view of lifting of embargo on Turkish importsGovernment is preparing programs to support domestic producers in  view of lifting of embargo on Turkish imports
Armenian NPP and Rusatom Overseas to sign Memorandum of UnderstandingArmenian NPP and Rusatom Overseas to sign Memorandum of Understanding
Vahagn Khachatryan to head Armenian-Bulgarian intergovernmental  commission on economic and scientific-technical cooperationVahagn Khachatryan to head Armenian-Bulgarian intergovernmental  commission on economic and scientific-technical cooperation
Minister of Health of Armenia will head intergovernmental commission  on trade and economic cooperation with LithuaniaMinister of Health of Armenia will head intergovernmental commission  on trade and economic cooperation with Lithuania
Ministry of Economy: Armenia intends to reach 7% economic growth in  2022Ministry of Economy: Armenia intends to reach 7% economic growth in  2022
Labor productivity in Armenia is lower than EAEU averageLabor productivity in Armenia is lower than EAEU average
Acba Bank Brings Apple Pay to Customers. A safer, more secure and private way to pay with iPhone and Apple WatchAcba Bank Brings Apple Pay to Customers. A safer, more secure and private way to pay with iPhone and Apple Watch
By the end of 2022, inflation in Armenia will decrease to 4 +/-1.5%:  Candidate for Deputy Governor of Central BankBy the end of 2022, inflation in Armenia will decrease to 4 +/-1.5%:  Candidate for Deputy Governor of Central Bank
 Converse Bank Brings Apple Pay to Customers  A safer, more secure and private way to pay with iPhone and Apple Watch Converse Bank Brings Apple Pay to Customers A safer, more secure and private way to pay with iPhone and Apple Watch
Armenia`s premier chairs discussion of wine industry development  prospects  Armenia`s premier chairs discussion of wine industry development  prospects  
Ardshinbank Brings Apple Pay to CustomersArdshinbank Brings Apple Pay to Customers
Cash circulation to be restricted in Armenia from July 1, 2020Cash circulation to be restricted in Armenia from July 1, 2020
Environmental protection ARMENAL`s priorityEnvironmental protection ARMENAL`s priority
Armenia`s Minister of Economy appointed Armenian-Moldavan Economic Cooperation Commission co- chairArmenia`s Minister of Economy appointed Armenian-Moldavan Economic Cooperation Commission co- chair
Armenia`s minister of economy appointed co-chair of Armenian-Kazakh Economic Cooperation  CommissionArmenia`s minister of economy appointed co-chair of Armenian-Kazakh Economic Cooperation  Commission
Armenia`s Minister of Economy appointed co-chair of Armenian-Kyrgyz Economic Cooperation  CommissionArmenia`s Minister of Economy appointed co-chair of Armenian-Kyrgyz Economic Cooperation  Commission
In 2021, the number of subvention programs in Armenia exceeded the  two-year figureIn 2021, the number of subvention programs in Armenia exceeded the  two-year figure
ANIF Fund will invest about USD 1.4 million in transport and cargo  transportation fieldANIF Fund will invest about USD 1.4 million in transport and cargo  transportation field
Food Safety Inspectorate of Armenia imposes restrictions on import of  number of goods from Kazakhstan, Russia, Czech Republic and PolandFood Safety Inspectorate of Armenia imposes restrictions on import of  number of goods from Kazakhstan, Russia, Czech Republic and Poland
Only 5.5% of the highway was built under North-South program in 12  yearsOnly 5.5% of the highway was built under North-South program in 12  years
President of Armenia at meeting with Executive Director of Mubadala  noted Armenia`s interest in investments from  UAEPresident of Armenia at meeting with Executive Director of Mubadala  noted Armenia`s interest in investments from  UAE
The influx of foreign investment in the Armenian economy grew by  October 2021 due to a jump in FDIThe influx of foreign investment in the Armenian economy grew by  October 2021 due to a jump in FDI
EDB analysts presented the first in this year macroeconomic review:  Economic activity in Armenia increased by 5.2%EDB analysts presented the first in this year macroeconomic review:  Economic activity in Armenia increased by 5.2%
Armenian president`s visit results: Wizz Air Abu Dhabi to start  flights to YerevanArmenian president`s visit results: Wizz Air Abu Dhabi to start  flights to Yerevan
Armenia`s president meets with Masdar company CEOArmenia`s president meets with Masdar company CEO
The price of gas at the border in 2022 was regulated by an additional  agreement to the contract of 2013 - Ministry of Territorial  Administration and InfrastructuresThe price of gas at the border in 2022 was regulated by an additional  agreement to the contract of 2013 - Ministry of Territorial  Administration and Infrastructures
Vahan Kerobyan will head Armenian-Belarusian intergovernmental  commission on economic cooperation from Armenian sideVahan Kerobyan will head Armenian-Belarusian intergovernmental  commission on economic cooperation from Armenian side
Fly Arna, Armenia s national airline plans to launch air flights at  the end of MayFly Arna, Armenia s national airline plans to launch air flights at  the end of May
Gnel Sanosyan to head the Armenian-Turkmen intergovernmental  commission on economic cooperation from the Armenian sideGnel Sanosyan to head the Armenian-Turkmen intergovernmental  commission on economic cooperation from the Armenian side
Pashinyan formed working group for effective implementation of work  on construction program of small- medium reservoirsPashinyan formed working group for effective implementation of work  on construction program of small- medium reservoirs
Export of goods up to one million drams in Armenia will be exempt  from customs dutiesExport of goods up to one million drams in Armenia will be exempt  from customs duties
Armenia`s government grants loan to Armenian NPP Armenia`s government grants loan to Armenian NPP 
FLYONE ARMENIA launches Yerevan-Istanbul-Yerevan flightsFLYONE ARMENIA launches Yerevan-Istanbul-Yerevan flights
Armenian government to increase funding for subvention programs in  border communitiesArmenian government to increase funding for subvention programs in  border communities
Armavir leader in land purchase-and-sale deals Armavir leader in land purchase-and-sale deals 
2-fold YoY increase in real estate business in Yerevan 2-fold YoY increase in real estate business in Yerevan 
Results of the review of regulatory framework for advancing “green finance” in Armenia presented to stakeholdersResults of the review of regulatory framework for advancing “green finance” in Armenia presented to stakeholders
Armenian banks` client base up by 3.8% by Nov. 2021 Armenian banks` client base up by 3.8% by Nov. 2021 
9.7% year-on-year rise in housing prices in Armenia`s regions by Dec.  2021 9.7% year-on-year rise in housing prices in Armenia`s regions by Dec.  2021 
WB GDP growth forecast unchanged for Armenia WB GDP growth forecast unchanged for Armenia 
Armenian government minimizes contacts between tax authority and  taxpayerArmenian government minimizes contacts between tax authority and  taxpayer
33 587 children were born in Armenia in 11 months33 587 children were born in Armenia in 11 months
Wheat importers used bankruptcy as a tax evasion: SRCWheat importers used bankruptcy as a tax evasion: SRC
Issue of introducing universal income declaration system for  individuals was discussed at meeting chaired by Nikol Pashinyan Issue of introducing universal income declaration system for  individuals was discussed at meeting chaired by Nikol Pashinyan 
Service sector of Armenia reached 7.3% growth by December 2021Service sector of Armenia reached 7.3% growth by December 2021
Trade sector in January-November increased turnover by 7.9% per annumTrade sector in January-November increased turnover by 7.9% per annum
Telecommunications revenue of Armenia increased by 4.5% in 11 monthsTelecommunications revenue of Armenia increased by 4.5% in 11 months
Air passenger traffic increased 2.7fold over 11 monthsAir passenger traffic increased 2.7fold over 11 months
Armenian textile industry continues to demonstrate progressive growth  ratesArmenian textile industry continues to demonstrate progressive growth  rates
Alcohol industry in Armenia has increased production volumesAlcohol industry in Armenia has increased production volumes
Armenia`s metallurgical industry accelerates y-o-y growth rate to  double digitsArmenia`s metallurgical industry accelerates y-o-y growth rate to  double digits
Electricity generation in Armenia decreased by 2% in 11 monthsElectricity generation in Armenia decreased by 2% in 11 months
NA Committee approved nomination of Hovhannes Khachatryan for post of  Deputy Chairman of Central Bank of Armenia NA Committee approved nomination of Hovhannes Khachatryan for post of  Deputy Chairman of Central Bank of Armenia 
Russia leads both in export and import in Armenia`s foreign trade  turnoverRussia leads both in export and import in Armenia`s foreign trade  turnover
Manufacturing industry in Armenia has grown in 11 monthsManufacturing industry in Armenia has grown in 11 months
Economic activity up by 5.2% in Armenia in Jan-Nov 2021Economic activity up by 5.2% in Armenia in Jan-Nov 2021
Turkish Pegasus Airline to carry out Yrevan-Istanbul-Yerevan flightsTurkish Pegasus Airline to carry out Yrevan-Istanbul-Yerevan flights
Construction of alternative roads to be fully completed in Syunik in  2022Construction of alternative roads to be fully completed in Syunik in  2022
Inflation in Armenia in 2021 rises to 7.7% from 3.7% in 2020Inflation in Armenia in 2021 rises to 7.7% from 3.7% in 2020
Read more


Exchange rates
18.01.2022
RUB6.28-0.02
USD481.520.03
EUR548.74-1.27
GBP656.02-2.61
CAD384.48-0.34
JPY42.00-0.06
CNY75.800.09
CHF526.42-0.78