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Number of plastic cards up as capital relocated to Armenia Number of plastic cards up as capital relocated to Armenia 
AMD 4,248,945 to AMD 4,248,945 to "QaylTech": The August beneficiary of "The Power of One Dram" is "The Rehabilitation City of Heroes" - psychological rehabilitation center
Airlines, hotels, banks, rental and leasing sectors registered  significant increase in service volumes in ArmeniaAirlines, hotels, banks, rental and leasing sectors registered  significant increase in service volumes in Armenia
Cargo traffic down, passenger traffic up in Armenia in first half,  2022Cargo traffic down, passenger traffic up in Armenia in first half,  2022
Growth of trade sector was facilitated by increase in activity in  wholesale and car trade marketsGrowth of trade sector was facilitated by increase in activity in  wholesale and car trade markets
4.5% increase in proceeds of Armenia`s communication sector in first  half 20224.5% increase in proceeds of Armenia`s communication sector in first  half 2022
188,856 tourists visit Armenia this July188,856 tourists visit Armenia this July
Accelerated growth of Armenian industrial sector was driven by  processing industryAccelerated growth of Armenian industrial sector was driven by  processing industry
Veolia Djur proposes to raise water tariff in ArmeniaVeolia Djur proposes to raise water tariff in Armenia
State Revenue Committee of Armenia starts active administration in  pursuance of law State Revenue Committee of Armenia starts active administration in  pursuance of law " On Non-Cash Transactions"
Armenia`s premier calls for revising economic programmes Armenia`s premier calls for revising economic programmes 
EDB to allocate $25 million to implement Armenia`s largest livestock  programEDB to allocate $25 million to implement Armenia`s largest livestock  program
Double-digit growth in economic activity in Armenia is accompanied by  surge in imports and exportsDouble-digit growth in economic activity in Armenia is accompanied by  surge in imports and exports
Armenian business forum to be held in Yerevan for second timeArmenian business forum to be held in Yerevan for second time
Production of aluminum foil in Armeniaincreased by 8% in June 2022Production of aluminum foil in Armeniaincreased by 8% in June 2022
Metallurgy industry of Armenia sums up H1 2022 with a 7% declineMetallurgy industry of Armenia sums up H1 2022 with a 7% decline
EDB: Armenia ranks first among member countries with small economies  in current investment portfolio of EDB EDB: Armenia ranks first among member countries with small economies  in current investment portfolio of EDB 
EADB to allocate $37mln for construction of 11 solar power stationsEADB to allocate $37mln for construction of 11 solar power stations
Apartments in Yerevan rose in price by 5.4% in Q2, with increase in  transactions for their purchase and sale by 30.8%Apartments in Yerevan rose in price by 5.4% in Q2, with increase in  transactions for their purchase and sale by 30.8%
Further rise in food prices in Armenia  Further rise in food prices in Armenia 
Loan payoff with another bank via AppLoan payoff with another bank via App
Deputy Minister: 12 more lanes added to 13 existing lanes of Upper  Lars checkpointDeputy Minister: 12 more lanes added to 13 existing lanes of Upper  Lars checkpoint
Ferry communication to be launched this month - minister Ferry communication to be launched this month - minister 
Armenia is among the TOP-5 destinations for Russian tourists this  autumArmenia is among the TOP-5 destinations for Russian tourists this  autum
Austria to invest in Armenia`s SyunikAustria to invest in Armenia`s Syunik
Gyumri Breeding Station reports three-fold growth in barley output Gyumri Breeding Station reports three-fold growth in barley output 
CBA: In February-June 2022, demand deposits of non-residents  increased significantly in Armenian banksCBA: In February-June 2022, demand deposits of non-residents  increased significantly in Armenian banks
CBA: High demand leads to the expansion of the inflationary  environment and maintenance of high inflation expectations, but dram  appreciation partially neutralizes the price increaseCBA: High demand leads to the expansion of the inflationary  environment and maintenance of high inflation expectations, but dram  appreciation partially neutralizes the price increase
Minister: The share of the mining industry in the total volume of  Armenia`s exports has decreasedMinister: The share of the mining industry in the total volume of  Armenia`s exports has decreased
Statistical data, real situation in agricultural sector different -  minister Statistical data, real situation in agricultural sector different -  minister 
FLYONE ARMENIA launches flights to Domodedovo International AirportFLYONE ARMENIA launches flights to Domodedovo International Airport
Armenia, Iran deepen cooperation in mining industryArmenia, Iran deepen cooperation in mining industry
CBA raises refinancing rate from 9.25% to 9.5% CBA raises refinancing rate from 9.25% to 9.5% 
23.9% rise in petrol prices in Armenia in first half of 2022 23.9% rise in petrol prices in Armenia in first half of 2022 
Armenia meets Russia`s brand demandArmenia meets Russia`s brand demand
Armenia is not ready to open the land border with Turkey: ExpertArmenia is not ready to open the land border with Turkey: Expert
Armenia, Qatar discuss possible areas of bilateral cooperationArmenia, Qatar discuss possible areas of bilateral cooperation
Massive arrival of Russians to Armenia, along with movement of their  capital, ensured 7-multifold increase in net inflow of remittances  from Russia in Q2 2022Massive arrival of Russians to Armenia, along with movement of their  capital, ensured 7-multifold increase in net inflow of remittances  from Russia in Q2 2022
Ardshinbank offers a new type of loan for small and medium enterprises.Ardshinbank offers a new type of loan for small and medium enterprises.
Armenia among priority partners of Austrian Development AgencyArmenia among priority partners of Austrian Development Agency
International reserves of Armenia reaches historical maximum by July  2022International reserves of Armenia reaches historical maximum by July  2022
More funds for government-sponsored medical services More funds for government-sponsored medical services 
South Caucasus Railway delivers production equipment from Yerevan to  KrasnodarSouth Caucasus Railway delivers production equipment from Yerevan to  Krasnodar
4% inflation expected in Armenia in medium-term 4% inflation expected in Armenia in medium-term 
Ameriabank leads in list of largest taxpaying banks in ArmeniaAmeriabank leads in list of largest taxpaying banks in Armenia
Armenia`s communication companies pay 25% less as taxes to budget in  1st half of 2022Armenia`s communication companies pay 25% less as taxes to budget in  1st half of 2022
Over 500 Armenian servicemen to benefit from soft lending programmeOver 500 Armenian servicemen to benefit from soft lending programme
Washington to allocate $120mln to Armenia for democratic development,  economic stabilityWashington to allocate $120mln to Armenia for democratic development,  economic stability
17.1% increase in food prices significantly affected low-income  citizens of Armenia - study17.1% increase in food prices significantly affected low-income  citizens of Armenia - study
Armenia, Ethiopia consider development of cooperation in e-governance  and technology educationArmenia, Ethiopia consider development of cooperation in e-governance  and technology education
Armenian assets of GeoProMining Group of Compaines significantly  increase payments to state budgetArmenian assets of GeoProMining Group of Compaines significantly  increase payments to state budget
Vardan Aramyan pointed to risks for Armenia`s GDP and loss of  potential of Russian economy amid IMF`s Vardan Aramyan pointed to risks for Armenia`s GDP and loss of  potential of Russian economy amid IMF`s "Gloomy and More Uncertain"  forecast
Armenia`s vice-premier hosts AMD company vice-presidents Armenia`s vice-premier hosts AMD company vice-presidents 
MFA: Sanctions against Russia have their negative direct or indirect  impact on Armenia`s economic development MFA: Sanctions against Russia have their negative direct or indirect  impact on Armenia`s economic development 
Mirzoyan, Lipavsky note need to fully realize potential of trade and  economic bilateral relationsMirzoyan, Lipavsky note need to fully realize potential of trade and  economic bilateral relations
Zangezur Copper-Molybdenum Combine topped list of taxpayers in  Armenia in H1 2022Zangezur Copper-Molybdenum Combine topped list of taxpayers in  Armenia in H1 2022
Converse Bank completes distribution of bonds ahead of scheduleConverse Bank completes distribution of bonds ahead of schedule
Armenia implements intellectual property development strategyArmenia implements intellectual property development strategy
Iran successfully expands trade with Armenia: Iran TPO headIran successfully expands trade with Armenia: Iran TPO head
Converse Bank offers new loans to SME’sConverse Bank offers new loans to SME’s
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Talk of the day

Number of plastic cards up as capital relocated to Armenia 

 Wednesday, August 10 2022
Number of plastic cards up as capital relocated to Armenia 

ArmInfo. As of July 1, 2022, over 2.8mln plastic cards were effective in Armenia, including  co-badging cards ArCa-MIR and Russian MIR cards, with a slower increase - from 8.3% to 7.7% - which is lower than the 9.1% increase in the corresponding period of 2020 and must lower than the 22.2%  increase in 2019. In the first half of 2022, 95,600 more cards were issued, with 67,400 cards issued in the 2nd quarter. The cause is the relocation of the capital to Armenia by a larg number of Russian residents. 


Economy

188,856 tourists visit Armenia this July

ArmInfo. A total of 188,856 tourists visited Armenia this July. 

State Revenue Committee of Armenia starts active administration in  pursuance of law " On Non-Cash Transactions"

ArmInfo.The State Revenue Committee (SRC) of Armenia announces that it is starting active administration in pursuance of the requirements of the law "On  Non-Cash Transactions".  

Armenia`s premier calls for revising economic programmes 
Armenian business forum to be held in Yerevan for second time

Finance and banks

AMD 4,248,945 to "QaylTech": The August beneficiary of "The Power of One Dram" is "The Rehabilitation City of Heroes" - psychological rehabilitation center

ArmInfo.The July beneficiary of the "The Power of One Dram" initiative was the “QaylTech” company, which created an exclusive Armenian innovative product - the MetaGait device. MetaGait helps disabled soldiers and children with cerebral palsy regain mobility by preventing more than 30 diseases caused by immobility.

EDB to allocate $25 million to implement Armenia`s largest livestock  program

ArmInfo.The Eurasian Development Bank (EDB), in cooperation with the Armenian government and Yeremyan Farm CJSC, are launching the largest livestock program  in Armenia. EDB Chairman of the Management Board Nikolay Podguzov,  Armenian Minister of Economy Vahan Kerobyan and Director of Yeremyan  Pharm CJSC David Yeremyan signed the corresponding Memorandum of  Cooperation on August 5.

Loan payoff with another bank via App
CBA: In February-June 2022, demand deposits of non-residents  increased significantly in Armenian banks

Insurance

CMTPLI loss rate going down in Armenia 

ArmInfo.The loss rate for compulsory motor third-party liability insurance (CMTPLI) is going down - 65% in the first half of 2022 against 81% in the first half of  2021, and 73% in 2019. The cause is a 19.7% year-on-year increase in  the number of insurance contracts, which caused a 21.4% increase in  insurance premiums, up to $29mln, with a simultaneous 8.7% decline in  insurance indemnities, down to $18.7mln, the Armenian Motor Insurers'   Bureau reports.  

Fine for lack of CMTPL policy will be halved in Armenia

ArmInfo. In Armenia, the amount  of the fine for the lack of an CMTPL policy will be halved   (compulsory third-party liability insurance policy-CMTPL policy). At  the plenary session on June 14, the Parliament of the country  discusses the amendments to the Code of Administrative Offenses in  the first reading.

Armenia studies experience of Lithuania in process of implementation  of health insurance system
CMTPL loss ratio in Armenia decreased from 86% in 2021 to 67% by May  2022
Energy

Natural gas supplies to Armenia increased by 22.7%

ArmInfo.Natural gas supplies to Armenia increased by 22.7%.  The Gazprom Armenia company reports.  

Armenia`s minister of territorial administration participates in 60th  meeting of CIS Electric Energy Council 

ArmInfo.Armenia's Minister of Territorial Administration Gnel Sanosyan participated in the 60th meeting of the CIS Electric Energy Council. 

Rosatom Corporation is interested in further effective cooperation with the Armenian government:  Likhachev
Armenia, Russia to deepen strategic partnership in both nuclear and  non-nuclear energy

Technology

Armenia, Ethiopia consider development of cooperation in e-governance  and technology education

ArmInfo.Armenia and Ethiopia are considering the possibilities of developing cooperation in the field of e-governance and technology education.  This became known  following the meeting of Deputy Minister of High-Tech Industry of  Armenia Gevorg Mantashyan with Ambassador Extraordinary and  Plenipotentiary of Ethiopia to Armenia Alemayehu Tegenu Aargau.

Super-powerful Next Generation Network of Team Telecom Armenia is  already available in Metsamor community

ArmInfo. The super-powerful Next Generation Network (NGN) of Team Telecom Armenia is already available in Metsamor community of Armavir region.

Digital cooperation between Yerevan and Moscow can maximally  stimulate Armenia`s defense self- sufficiency policy - MP
Team Telecom Armenia will partner with Tech Week Gyumri 2022

Real estate

Apartments in Yerevan rose in price by 5.4% in Q2, with increase in  transactions for their purchase and sale by 30.8%

ArmInfo. The average market value of real estate in multi- apartment buildings in Yerevan for Q2 2022 increased by 5.4%, with a y-o-y growth of 16.7%, amounting to  386.2 thousand drams / 1 sq.m. This is evidenced by the data of the  RA State Committee for Real Estate Cadastre.

Housing renovation program in Armenia will be available this June

ArmInfo. The housing renovation loan program in Armenia will be available in June this year. Program Manager at Central Bank of Armenia Davit Kirakosyan announced this  during a press conference on June 14.

Transactions on purchase and sale of real estate in Armenia by  foreigners increased by 31.6% over year
Apartment prices in RA regions increased by 15.5% y-o-y, increasing  by 5.9% in quarterly terms


ArmInfo.The service sector sharply accelerated growth in Armenia, in H1 2022, from 2.7% to 26.9%, as a result of which its volume exceeded 1.1 trillion drams  ($2.4 billion).  This is evidenced by the data of the RA Statistical  Committee, according to which in June alone, the volume of services  provided increased by 8% (against 3.9% a year earlier), amounting to  226.7 billion drams ($536.4 million).

ArmInfo. In the first half of 2022, This January, the cargo traffic totaled 8,332.6 thousand tons - an 11.2% increase against an 18.4% increase last year. During the  period under review, passenger traffic showed a 40.4% increase  against a 17.7% increase (71,030.5 thousand passengers). 



Exchange rates
10.08.2022
RUB6.71-0.01
USD405.78-0.50
EUR415.48-0.02
GBP490.75-1.13
CAD315.19-0.78
JPY30.06-0.06
CNY60.02-0.09
CHF427.591.36


Experts
Will exporters wait for help from state, or will Armenian economy be  fried in monetary frying pan?Will exporters wait for help from state, or will Armenian economy be  fried in monetary frying pan?
David Ananyan: Armenian economy needs urgent structural changes to  increase its potentialDavid Ananyan: Armenian economy needs urgent structural changes to  increase its potential
Without new technologies, the tourism industry may declineWithout new technologies, the tourism industry may decline
Read more

Commented
How long will the drama with rising dram last? - Haykaz FanyanHow long will the drama with rising dram last? - Haykaz Fanyan
Inflation in Armenia is a social catastrophe: EconomistInflation in Armenia is a social catastrophe: Economist
All talks about unblocking regional transport links worth nothing  without Julfa railway junction - Ara MarjanyanAll talks about unblocking regional transport links worth nothing  without Julfa railway junction - Ara Marjanyan
Discount system in cashless transactions for pensioners to be  introduced in Armenia Discount system in cashless transactions for pensioners to be  introduced in Armenia 

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"National Mortgage Company"2A
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