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Issue of concentration of two telecommunication companies of Armenia  was discussed at meeting of SCPEC

 Tuesday, July 7 2020
Issue of concentration of two telecommunication companies of Armenia  was discussed at meeting of SCPEC

ArmInfo. The issue of  concentration of LLC and Veon Armenia CJSC was discussed at a  meeting of the State Commission for the Protection of Economic  Competition(SCPEC) of Armenia on July 7.


Armenian government exempted Armenia Wine from customs duties on  import of equipment and raw materials

ArmInfo.  The Armenian government  exempted Armenia Wine from customs duties on the import of  technological equipment, their components  raw materials and (or)  materials. According to the statement substantiating the draft  government decision, the exemption from customs duties is 106 million  drams.

In the first half of 2020 tax revenues in Armenia declined by 2.3%

ArmInfo. In the first half of  2020 tax revenues in Armenia decreased by 2.3% or 17.6 billion drams,  amounting to a total of 745.6 billion drams. According to the press  service of the State Revenue Committee of Armenia (SRC), of this  amount, the revenues actually collected by the tax authority amounted  to 622.2 billion drams (annual growth by 3.2%), and by customs  authorities -123.4 billion drams (annual decline by 23.1%) .

Prime Minister: Two large international companies submitted  applications for participation in a prequalification tender for the  selection of a project contractor solar power station
Fly Armenia Airways enters Armenian market

Finance and banks

Government and World Bank representatives discuss cashless payments  of pensions and benefits

ArmInfo.Under the chairmanship of Armenian Deputy Prime Minister Mher Grigoryan and Global Director of the Social Protection and Jobs Global Practice at the World Bank Michal Rutkowski , discussions were held on the issues of  digitization and decriminalization of social payments.  Representatives of the UN, the International Monetary Fund and the EU  Delegation also participated in the discussion.

Hovhannes Khachatryan nominated to the Council of the Central Bank of  Armenia

ArmInfo. The ruling "My Step"  faction in Armenia nominated Hovhannes Khachatryan to the vacant post  of member of the Council of the Central Bank of Armenia.  As the  press service of the National Assembly of the Republic of Armenia  reports, the candidacy of Hovhannes Khachatryan will be considered at  a meeting of the NA Standing Committee on Financial- Credit and  Budgetary Affairs on July 8. The keynote speaker will be Artak  Manukyan, Deputy Chairman of the Commission.

IDBank’s new offer to the Business
EFSD Assessed Accessibility of Macroeconomic Stabilization Financing  in Armenia


Sales of  Third party Liability (TPL)  electronic policies grow  rapidly in Armenia

ArmInfo. In Armenia, sales of TPL electronic policies are growing rapidly, the share of which in the total number of TPL agreements by June 2020 increased to 13% from 4% a year earlier. According to the data of the Auto Insurers Bureau of  Armenia, according to the results of January-May 2020, the number of  TPL-agreements concluded in the online mode reached 45504, having  increased 3 times in annual terms.

Garnik Petrosyan: Agricultural insurance in Armenia should develop in  a trilateral format

ArmInfo. The government should reinsure the risks of insurance companies participating in the agricultural insurance program. Garnik Petrosyan, former deputy minister of agriculture, candidate of agricultural sciences,  expressed a similar opinion during an online press conference  organized by the Club of Economic Journalists.

In Armenian insurance market corporate portfolio dominates in  premiums, while retail component dominates in reimbursements
In Armenia, the growth of health insurance indemnities sharply  accelerated

The company "Cascade Energy" in the implementation of the project to  modernize the electrical substation "Lich" will receive the right to  make purchases from one person

ArmInfo. The company "Cascade  Energy" in the implementation of the project to modernize the  electrical substation "Lich" will receive the right to make purchases  from one person. The corresponding decision was made at a meeting of  the RA Government on July 9.

"TRANSGAS" Co.Ltd. will transport gas at a tariff of 7790 drams per 1  thousand cubic meters

ArmInfo. TRANSGAS" Co.Ltd.,  which is part of Gazprom Armenia CJSC, will transport gas at a tariff  of 7790.88 drams per 1,000 cubic meters. The decision was made at a  meeting of the Public Service Regulation Commission (PSRC) on June  19.

PSRC: In Armenia electricity tariffs will not increase, at least  until February 1, 2021 
Armenian Ambassador and Iranian Oil Minister discuss Armenian-Iranian  gas program in exchange for electricity


In 2019, the revenue of the high-tech sector of Armenia amounted to $  320 million.

ArmInfo. In 2019, the revenue  of the high-tech sector of Armenia showed an increase of 30% per  annum. The Minister of High-Tech Industry of Armenia Hakob Arshakyan  wrote about this on his Facebook page. In particular, he said that  the annual revenue of all companies operating in the high-tech sector  of Armenia amounted to 155.2 billion drams ($ 320 million). The  minister noted that the data are presented without taking into  account the sphere of communications and telecommunications, as well  as trade in electronic devices.

The 3rd takes place online

ArmInfo. On the initiative of the Ministry of  High-Tech Industry of the Republic of Armenia, the Enterprise  Incubator Foundation and the Engineering Association, the 3-rd annual  Armenia-Engineering Week 2020 event is being held online from July 6  to July 10.

Armenia was selected as Action Coalition leader for technology and  innovations under the UN-led "Generation Equality" Forum on women`s  rights
UNDP ImpactAim Climate Change Technology Accelerator is looking for  ventures, targeting Energy Efficiency and Renewables challenges 

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. The turnover of the  Armenian trade sector continues to decline. According to the RA  Statcommittee, in January-May 2020, the trade sector showed a decline  of 10.8% yoy (against growth of 9.4% a year earlier), with a volume  of 1.027 trillion. drams ($ 2.1 billion).  This decline is due to a  noticeable decline in retail sales and slightly smaller car and  wholesale trade.  However, only in May 2020, the trade sector showed  a growth of 33.3% after the April recession of 29.4%, with a volume  of 210.6 billion drams ($ 435 million).

ArmInfo. In January-May 2020, the production volumes of alcoholic beverages produced in Armenia demonstrate a downward trend. According to the RA Statistical Committee, during the reporting period, the volumes of absolutely all  alcoholic beverages produced in Armenia decreased.

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