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UBA Head: Armenian banking system RoE became comparable to countries  with similar economiesUBA Head: Armenian banking system RoE became comparable to countries  with similar economies
Decision that was made in 10 days - UBA chairman on HSBC Bank`s exit  from ArmeniaDecision that was made in 10 days - UBA chairman on HSBC Bank`s exit  from Armenia
Daniel Azatyan: in Armenia, highest lending growth was registered in  construction sector, with decrease in industrial sector Daniel Azatyan: in Armenia, highest lending growth was registered in  construction sector, with decrease in industrial sector 
Entry of bank with international brand into financial market of  Armenia always desirable and important - UBA chairmanEntry of bank with international brand into financial market of  Armenia always desirable and important - UBA chairman
Armenia`s commercial banks to be authorized to issue guarantees for  participation of Armenian companies in procurement in EAEUArmenia`s commercial banks to be authorized to issue guarantees for  participation of Armenian companies in procurement in EAEU
Net inflow of transfers to Armenia decreased by 36% in 2023Net inflow of transfers to Armenia decreased by 36% in 2023
Economist: Outflow of remittances from Armenia to continue to grow in  2024Economist: Outflow of remittances from Armenia to continue to grow in  2024
Transavia to start operating flights on route Lyon - Yerevan - Lyon Transavia to start operating flights on route Lyon - Yerevan - Lyon 
Ameriabank set to join BOGG, a London Stock Exchange (LSE) listed financial group as a standalone entityAmeriabank set to join BOGG, a London Stock Exchange (LSE) listed financial group as a standalone entity
Bank of Georgia announces proposed acquisition of Ameriabank for  $303.6 millionBank of Georgia announces proposed acquisition of Ameriabank for  $303.6 million
Former MP on economic situation in Armenia: Former MP on economic situation in Armenia: "What is brought by water  will go with water"
Armenia, Iran discuss possibilities of strengthening logistics ties  between  two countriesArmenia, Iran discuss possibilities of strengthening logistics ties  between  two countries
Which Book to Choose as a Gift for the Book Giving Day? A Piece of Advice from Idram and IDBankWhich Book to Choose as a Gift for the Book Giving Day? A Piece of Advice from Idram and IDBank
SRC: individuals-residents of Armenia must pay tax on income received  abroadSRC: individuals-residents of Armenia must pay tax on income received  abroad
Expert: SRC should have taxed labor migrants only after large-scale  information campaign for them, which was not doneExpert: SRC should have taxed labor migrants only after large-scale  information campaign for them, which was not done
Global economic growth to slow -EDBGlobal economic growth to slow -EDB
EDB expects fiscal policy to stimulate Armenian economy in 2024 EDB expects fiscal policy to stimulate Armenian economy in 2024 
Armenian Card: arca.am application to stop operating from Apr 15,  2024Armenian Card: arca.am application to stop operating from Apr 15,  2024
Bank of Georgia Group PLC announces possible transaction to acquire  Ameriabank CJSCBank of Georgia Group PLC announces possible transaction to acquire  Ameriabank CJSC
Armenian insurance sector profit decreased by 33% in 2023Armenian insurance sector profit decreased by 33% in 2023
With HSBC`s withdrawal, Armenia loses last transnational  institutional investor - analystsWith HSBC`s withdrawal, Armenia loses last transnational  institutional investor - analysts
Armenia amends Gyumri Urban Roads Project agreement with EBRDArmenia amends Gyumri Urban Roads Project agreement with EBRD
Moody`s assigns B2 rating to Electric Networks of ArmeniaMoody`s assigns B2 rating to Electric Networks of Armenia
Electric Networks of Armenia CJSC bonds successfully placed Electric Networks of Armenia CJSC bonds successfully placed 
Food Safety Inspection Authority of Armenia responds to  Rospotrebnadzor`s decision to suspended sale of Jermuk mineral waterFood Safety Inspection Authority of Armenia responds to  Rospotrebnadzor`s decision to suspended sale of Jermuk mineral water
Within year, TUMO Center for Creative Technologies to open in Los  AngelesWithin year, TUMO Center for Creative Technologies to open in Los  Angeles
S&P Global Ratings upgrades Ardshinbank to `BB-`; outlook S&P Global Ratings upgrades Ardshinbank to `BB-`; outlook "Stable"
Ministry of Economy: Armenia almost doubled industrial and natural  diamonds` export in 2023Ministry of Economy: Armenia almost doubled industrial and natural  diamonds` export in 2023
How to Celebrate Love Days? A Piece of Advice from Idram and IDBankHow to Celebrate Love Days? A Piece of Advice from Idram and IDBank
Armenian official, ADB reps discuss construction, management projects  Armenian official, ADB reps discuss construction, management projects  
Emphasis in export strategy must be placed on markets not yet open to  us - Armenia`s economy minister Emphasis in export strategy must be placed on markets not yet open to  us - Armenia`s economy minister 
Fitch upgrades ACBA Bank to `BB-`; Outlook stableFitch upgrades ACBA Bank to `BB-`; Outlook stable
EEC: it is necessary to develop the initiative to establish EAEU  trading houses in IranEEC: it is necessary to develop the initiative to establish EAEU  trading houses in Iran
Visa Travel card - your best friend of the roadVisa Travel card - your best friend of the road
Armenia yet to decide on NPP construction companies Armenia yet to decide on NPP construction companies 
Armenia`s authorities trying to solve problem of lack of nuclear  energy personnel Armenia`s authorities trying to solve problem of lack of nuclear  energy personnel 
Impact of re-exports on GDP growth within 1% in 2023Impact of re-exports on GDP growth within 1% in 2023
Armenia`s premier warns against misappropriation of funds Armenia`s premier warns against misappropriation of funds 
Tax paying employee number one hero in Armenia - premier Tax paying employee number one hero in Armenia - premier 
Armenia`s economy minister comments on Georgia`s new cargo  transportation requirementsArmenia`s economy minister comments on Georgia`s new cargo  transportation requirements
Geopromining company fulfilling its investment commitments on  schedule - vice-premier Geopromining company fulfilling its investment commitments on  schedule - vice-premier 
It was investors who offered government to accept shares of companies  as gift - premierIt was investors who offered government to accept shares of companies  as gift - premier
Armenia has great potential for the development of robotics and  artificial intelligence - Paolo PirjanianArmenia has great potential for the development of robotics and  artificial intelligence - Paolo Pirjanian
47 Armenian producers to their products at international food and  beverage exhibition Gulfood 202447 Armenian producers to their products at international food and  beverage exhibition Gulfood 2024
Armenia shows reasonable approach to medical insurance - Gennady  OnishchenkoArmenia shows reasonable approach to medical insurance - Gennady  Onishchenko
Ministry of Health of Armenia no longer deals with the return of  accumulated pensionsMinistry of Health of Armenia no longer deals with the return of  accumulated pensions
Vahan Kerobyan:  negative foreign trade balance to approach zero by  the end of 2023Vahan Kerobyan:  negative foreign trade balance to approach zero by  the end of 2023
State duties to be applied on exported gold, platinum and palladium  in Armenia State duties to be applied on exported gold, platinum and palladium  in Armenia 
Effect of external factors on Armenia`s GDP growth over 6% in 2022 Effect of external factors on Armenia`s GDP growth over 6% in 2022 
Decision to sell HSBC Armenia follows strategic reviewDecision to sell HSBC Armenia follows strategic review
Ardshinbank announces agreement to acquire HSBC ArmeniaArdshinbank announces agreement to acquire HSBC Armenia
Four new metallurgical works put into operation in Armenia since 2020Four new metallurgical works put into operation in Armenia since 2020
AMD 3,665,972 to Armenian Mothers. In February, Cancer Awareness Month, The Power of One Dram will be directed to the City of SmileAMD 3,665,972 to Armenian Mothers. In February, Cancer Awareness Month, The Power of One Dram will be directed to the City of Smile
EDB forecasts 5.7% GDP growth in Armenia for 2024EDB forecasts 5.7% GDP growth in Armenia for 2024
Vahan Kerobyan: Our companies should be the first, not the last,  adopters of AIVahan Kerobyan: Our companies should be the first, not the last,  adopters of AI
 Armenian premier: there is no unified approach to building common  energy market in EAEU Armenian premier: there is no unified approach to building common  energy market in EAEU
Armenia`s trade turnover with EAEU increased by 39% in 2023 -  PashinyanArmenia`s trade turnover with EAEU increased by 39% in 2023 -  Pashinyan
Artificial intelligence agenda needed involving government, business,  academic circles, and public - CBA chairman Artificial intelligence agenda needed involving government, business,  academic circles, and public - CBA chairman 
Ministry of Economy is ready to support  aluminum foil manufacturer  in Armenia, which is already feeling consequences of Western  sanctionsMinistry of Economy is ready to support  aluminum foil manufacturer  in Armenia, which is already feeling consequences of Western  sanctions
Vahan Kerobyan: IT sector`s progressive development had major impact  on economic activity growth rate Vahan Kerobyan: IT sector`s progressive development had major impact  on economic activity growth rate 
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Talk of the day

Decision that was made in 10 days - UBA chairman on HSBC Bank`s exit  from Armenia

 Tuesday, February 20 2024
Decision that was made in 10 days - UBA chairman on HSBC Bank`s exit  from Armenia

ArmInfo. The HSBC group has been moving its capital and focusing on its preferred markets, as has been the policy in recent years. Only since 2021, as noted by the Chairman of the Union of Banks of Armenia (UBA) Daniel Azatyan during a press conference, the Group has withdrawn from 7 countries, including retail lending in France, the USA, Greece, etc.

Economy

Net inflow of transfers to Armenia decreased by 36% in 2023

ArmInfo. The net inflow of private transfers to Armenia decreased by 36% in 2023, in absolute  terms it decreased from $2.6 billion to $1.7 billion. As evidenced by the dynamics of 2022, this figure showed an unprecedented threefold increase.

Economist: Outflow of remittances from Armenia to continue to grow in  2024

ArmInfo.There is a high probability that the inflow of remittances in 2024 will decrease by  about 15%, while the outflow will continue to grow. Economist Aghasi Tavadyan expressed a similar opinion on his Facebook page.

Transavia to start operating flights on route Lyon - Yerevan - Lyon 
Former MP on economic situation in Armenia: "What is brought by water  will go with water"

Finance and banks

UBA Head: Armenian banking system RoE became comparable to countries  with similar economies

ArmInfo.The profit of the Armenian banking system in 2023 was 230 billion drams, which is 12.5% lower than the year-ago figure. Chairman of the Union of Banks of Armenia Daniel Azatyan stated during a press conference on February 20. He noted that the decline is due to both objective and subjective factors.

Daniel Azatyan: in Armenia, highest lending growth was registered in  construction sector, with decrease in industrial sector 

ArmInfo.In Armenia, there was an increase in all lending sectors, except for industry, where  the volumes decreased by 1.2%, making 508.9 billion drams. Chairman of the Union of Banks of Armenia Daniel Azatyan stated during a press conference on February 20.

Entry of bank with international brand into financial market of  Armenia always desirable and important - UBA chairman
Armenia`s commercial banks to be authorized to issue guarantees for  participation of Armenian companies in procurement in EAEU

Insurance

Armenian insurance sector profit decreased by 33% in 2023

ArmInfo. The net profit of the insurance sector of Armenia dropped by 33% in 2023, after a 4.5-fold  increase in 2022. "This resulted from higher reimbursement growth of 30% with a modest 17% increase in premiums.

Ministry of Health of Armenia no longer deals with the return of  accumulated pensions

ArmInfo.In case of having diseases included in the list established by the RA Government, based  on the conclusion issued by the Ministry of Health, the participants have the right to submit a claim to receive the funds in their pension account in full any time, including before turning their pension age, the press service of the RA NA reports.

Fines for absence of CMTPL agreement to be reduced 4-fold in Armenia
Loss ratio in CMTPL market increased from 65% to 70% over year 
Energy

Armenia yet to decide on NPP construction companies 

ArmInfo.On February 8, Prime Minister Nikol Pashinyan shared the advantages of building small  modular nuclear power plants at a meeting of the Cabinet of Ministers.

Armenia`s authorities trying to solve problem of lack of nuclear  energy personnel 

ArmInfo.On February 8, at the next meeting, the Government of Armenia made a change to one of its  earlier decisions, which will solve the problem of personnel shortage in the Nuclear Safety Regulatory Committee.

Armenian premier: there is no unified approach to building common  energy market in EAEU
Armenia, UAE to further deepen cooperation in solar energy 

Technology

Within year, TUMO Center for Creative Technologies to open in Los  Angeles

ArmInfo. "4146 Lankershim Blvd, North Hollywood is the new home of TUMO Los Angeles". This  information is posted on the Facebook page of TUMO Center for Creative Technologies.

Armenia has great potential for the development of robotics and  artificial intelligence - Paolo Pirjanian

ArmInfo. Prime Minister Nikol Pashinyan received Paolo Pirjanian, founder of Embodied, Inc.  Company operating in the field of robotics and artificial intelligence.  The company created the Moxie AI robot.

Vahan Kerobyan: Our companies should be the first, not the last,  adopters of AI
Vahan Kerobyan: IT sector`s progressive development had major impact  on economic activity growth rate 

Real estate

60% of land purchase and sale transactions in regions of Armenia in  2023 were land ones

ArmInfo. The average market price of apartments in the regions of Armenia in 2023 increased by  13.4%, amounting to 130.8 thousand AMD/1 sq.m.

Apartments in Yerevan have risen in price by 10.3% over year

ArmInfo. At the end of 2023, the average market value of real estate in apartment buildings in  Yerevan increased by 10.3% year-on-year, amounting to 425.3thousand AMD/1 sq.m.  According to data from the State Committee of the Real Estate Cadastre of the Republic of Armenia, the highest prices for  apartments in Yerevan are traditionally held by the Kentron (Center) community - on average 837.7 thousand AMD/1 sq.m. (y-o-y growth of 13.5%).

State Revenue Committee of Armenia clarifies issues related to real  estate rental
Unified real estate register to be established in Armenia

Statistics

Armenia`s resident population 2,932,731 as of Oct 2023 

ArmInfo.Prime Minister Nikol Pashinyan visited the Statistical Committee to participate in the  discussion of the activity report 2023 of the Committee.

Index of prices for industrial products down in Armenia in Jan-Nov 2023

ArmInfo. In Armenia, the price  index of industrial products decreased in January-November 2023  compared to the same period in 2022 to 101.7% from last year's  102.9%. This was observed against the backdrop of a slowdown in  annual growth in the industrial sector from 8.4% to 2.1% - to 2.4  trillion drams ($6.2 billion).

Slower economic activity growth in Armenia in Jan-Nov, 2023

ArmInfo. In Armenia, the  growth of economic activity in January-November 2023 slowed to 9.4%  per annum (from last year's 14.4%), accompanied by a very noticeable  slowdown in the upward dynamics of exports and imports.

Armenia`s public debt exceeded USD 11.1 billion in Nov 2023, with  y-o-y increase of 10%

ArmInfo. By November 1, 2023, Armenia's public debt exceeded $11.1 billion (4.5 trillion drams),  having increased by 10% year-on-year (the same as a year ago). 

Industrial products price index in Armenia in Jan-Oct 2023 decreased to 101.6% from 103.4%  
Armenia`s GDP growth rates are returning to dynamics of two years ago
Index of prices for industrial products 101.3% this Jan-Sept 
9.7% growth in economic activity in Armenia in Jan-Sept, 2023


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