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CBA forecast: Consequences of Coronavirus to slow down Armenia`s GDP  growth in 2020 to stagnant 0.7%

 Wednesday, April 1 2020
CBA forecast: Consequences of Coronavirus to slow down Armenia`s GDP  growth in 2020 to stagnant 0.7%

ArmInfo. According to the forecast of the Central Bank of Armenia, the impact of coronavirus on the economy will slow down the growth of Armenia's GDP in 2020 to a  stagnant 0.7% (from the actual 7.6% growth in 2019). In 2021, growth  is expected to recover to 7.2%. This is stated in the Central Bank's  monetary policy program for the first quarter of 2020, published  today.


Forecast by CBA: the ratio of budget deficit to GDP in 2020 will be  3%, and in case of full implementation of the anti-crisis package it  can reach 5.3%

ArmInfo. According to the forecast of the Central Bank of Armenia for 2020, the ratio of the state budget deficit to GDP will be 3% (against the actual 1% in 2019 with  a y-o-y decline of 0.9 percentage points), and if the announced  volume of the anti-crisis assistance package does not change and will  be fully implemented during the current year, this ratio can reach  5.3%.

CBA Forecast: By the end of 2020, inflation will be 1.9% and will  head for the target threshold in the medium term

ArmInfo.According to the forecasts of the Central Bank of Armenia, inflation by the end of 2020 will amount to 1.9% and will head for the target threshold in  the medium term.  This was noted in the Monetary Policy Program of  the CBA for the I quarter of 2020, published today.  Moreover, the  Central Bank expects that inflation will remain low in the coming  months.

Ministry of Economy presented procedure for applying for assistance  in framework of 2 and 3 packages of anti-crisis measures
Retail prices for petrol and diesel fuel reduced in Armenia

Finance and banks

Card2Card International Transfers - one of the major advantages of Converse Banks new Mobile application

ArmInfo.Converse Bank’s Card2Card service is available through the new Mobile application as well. The service enables cardholders of the Bank, as well as those of other ArCa member banks, to make transfers to Mastercard, Visa and ArCa payment cards which  are non-ArCa system members, as well as to foreign bank payment cards, at any time and from anywhere in the world.

Banks and insurance companies will receive the r to conduct general  meetings of shareholders remotely

ArmInfo. Banks and insurance companies will receive the right to conduct general meetings of shareholders remotely. The National Assembly of the Republic of  Armenia, at its meeting on March 31 in the second and final reading,  amended the laws "On Joint Stock Companies", "On Banks and Banking  Activities", "On Insurance and Insurance Activities".

has proposed member of Central Bank Board Martin  Galstyan  as candidate for new head of Central Bank
Stay home, make non-contact payments and transfers. The joint digital platform of IDBank and Idram is already a reality


523 contracts signed in Armenia within the framework of a pilot  program for agricultural risk insurance

ArmInfo. As of March 20, 2020, in Armenia, as part of the pilot program for agricultural risk insurance, 523 insurance contracts were concluded in Armenia. The  press service of the Ministry of Economy of the Republic of Armenia  reported this on March 24.

IC "INGO Armenia" switches to emergency mode of remote servicing

ArmInfo. The INGO Armenia insurance company decided to switch to an emergency mode of remote servicing, based on social responsibility to customers and taking  into account the government decision to introduce an emergency. This  was reported by the press service of INGO Armenia IC, while  simultaneously notifying that all employees of the insurance company  will work from home, ensuring uninterrupted workflow.

Armenian Motor Insurers` Bureau through ASWA automated the  registration of insurance claims under the Euro Protocol
RA Ministry of Economy: Agricultural Risk Insurance Program to be  expanded in Armenia

Armenian NPP takes measures to prevent the spread of coronavirus

ArmInfo.Given the current situation in Armenia related to the spread of coronavirus, the leadership of the Armenian Nuclear Power Plant is taking all possible  measures to implement the unhindered operation of the nuclear power  plant and monitor the health status of employees. In the current  situation, a headquarters was created at the ANPP, which implements  measures aimed at preventing the spread of the virus.

President of Belarus and Prime Minister of Armenia noted overestimated  level of prices for natural gas

ArmInfo.A telephone conversation between the President of Belarus and the Prime Minister of Armenia took place on March 31 at the initiative of the Armenian  side.  BelTA  by the reference of the press service of Belarusian  Leader reports..  According to the source, Alexander Lukashenko and  Nikol Pashinyan discussed the functioning of the economy in the  current difficult conditions, noting the existing serious problems  and difficulties.

Gazprom Armenia will refrain from suspending the gas supply to  consumers in case of untimely payment for services rendered
Armenia increased liquefied gas supplies


Beeline mobile subscribers can use a number of government websites  for free

ArmInfo. In connection with the identification of cases of coronavirus, Beeline in Armenia provides its mobile subscribers with the opportunity to use a number  of websites of state and social significance for free (without  Internet costs). This is stated in the official statement of the  company's press service.

Beeline announces special roaming tariffs

ArmInfo. Taking into account the events taking place all over the world, Beeline in Armenia decided that all subscribers of the company who have activated  roaming can call the numbers of the Ministry of Health +37410550601  and +37460838300 from March 17 to 31 free of charge.

Minister: Work is underway to create an electronic platform for  assessing the sanitary-epidemiological situation in Armenia
Minister: There will be no failures in the work of the  telecommunications sector

Real estate

Armenian citizens make money and get rid of the burden of mortgage  loans ahead of schedule - Pashinyan

ArmInfo. In September 2019,  compared to September last year, the number of mortgage loans in  Armenia increased by 23.3%, or by 7261 mortgage loans. The Prime  Minister of Armenia Nikol Pashinyan wrote about this on his Facebook  page.

Cadastral value of expensive real estate in Armenia may increase  eight fold

ArmInfo. The cadastral value of  luxury expensive real estate in Armenia can increase eight fold. This  was stated during the discussion of the draft law "On Establishing  the Procedure for Calculation of the Cadastre Approximate to the  Market Value of Real Estate for the Taxation of Real Estate" on  September 11, head of the Real Estate Cadastre Committee of Armenia  Sarhat Petrosyan. Thus, with the adoption of the law, the tax on  particularly expensive real estate will increase significantly.

Apartment prices in the regions of Armenia increased by 4.1% in the  first half of 2019
Property tax in Armenia will increase significantly from 2021

ArmInfo. Revenues of the communication sector of Armenia in January 2020 amounted to 11.8 billion drams, slowing y-o-y growth to 0.8% from 1.8% a year earlier.  According to the Statistical Committee of the Republic of Armenia, of  the total revenue, the lion's share was provided by the  telecommunications sector - 89.2% or 10.6 billion drams, with an  annual decline of 1.6% (against the decline of 2.5% a year earlier).

ArmInfo. Cargo transportation in Armenia in January 2020 versus January 2019 increased by 5.6% to 951.7 thousand tons. As noted in the report of the Statistical  Committee of the Republic of Armenia, of the total volume, 51.4% or  489.7 thousand tons accounted for road transport, which decreased by  1.3% in y-o-y terms.

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