ArmInfo. The stock market of Armenia is practically deprived of the opportunity to contribute to the investment development of the country. Andrei Movchan, a Russian financier, investment specialist, founder of Movchan's Groupe investment management group of companies, expressed similar opinion during the RAU Global Forum (Russian- Armenian (Slavonic) University) presenting his report on the topic: "Armenian Economy: Outside View".
In particular, he stressed that 11 issuers of shares are registered on the Armenia Securities Exchange, of which a certain part is accounted for by banks, there is also a champagne factory and a jewelery factory. "In fact, there is no stock market," the expert noted. At this stage, according to him, 21 issues of bonds are circulating on the stock exchange, of which 17 are securities of banks and financial companies and 2 are debt obligations of state organizations. At the same time, Movchan noted that the volume of trading in them is also very small. According to him, a small number of players in a virtually closed market leads to high commissions. < Now Armenian brokers are the most expensive in the world. And this also has a negative impact on Armenia's ability to enter the global stock markets."
At the same time, according to Movchan, Armenian legislation is very loyal to investment activities. "We see how attempts are being made to actively develop this legislation," he said. However, according to the expert, so far Armenia does not attract either a developed domestic market or an offshore hub. In this context, Movchan noted that there are quite a few restrictions that make Armenia an extremely inconvenient country for international investors to work in. "This includes the requirement to deposit all assets in the Central Depository and the mandatory translation of all documents into Armenian, etc. There is a need to carry out more work in this direction as well," he stressed.
