Central Bank of Armenia: Rising unemployment and low inflation are the result of weak aggregate demand Tuesday, September 10 2024
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 ArmInfo.The Board of the Central Bank of Armenia believes that a lower refinancing rate is necessary to achieve the inflation target of 4% in the medium term and ensure price stability. In this context, on September 10, the Central Bank once again reduced the key rate by 0.25 percentage points - from 7.75% to 7.5%. |
ArmInfo. On September 10, the Armenian Parliament approved the draft law "On ratifying the "Agreement on a Harmonized System for Determining the Origin of Goods Exported from the Customs Territory of the EAEU." After the agreement enters into force (signed on December 4, 2023 in Moscow), foreign trade participants exporting goods to third countries will have a document containing all the basic provisions on working with origin.
ArmInfo. On September 10, the Armenian Cabinet approved the draft law "On ratifying the Agreement on Free Trade in Services, Establishment, Operations and Investments." The day before, Deputy Minister of Economy Sevak Mikaelyan, while presenting the draft law in parliament, stated that according to the CIS Executive Committee, the implementation of the Agreement, would increase the volume of trade in services in the CIS by 25%.
ArmInfo.The beneficiary of "The Power of One Dram" in August was Aren Mehrabyan Foundation. AMD 4,135,630 was transferred to the fund by Idram and IDBank in order to support households with pasture problems in Noyemberyan community of Tavush marz.
ArmInfo.An interagency commission will be formed in Armenia to support investment programs. The decision to establish the commission was signed by RA Prime Minister Nikol Pashinyan.
ArmInfo. In the insurance market of Armenia, the loss ratio for compulsory motor third-party liability insurance increased to 79.3% by August 1, 2024 from 64% last year. This is evidenced by the data of the Bureau of Motor Insurers of Armenia.
ArmInfo. Insurance company Ingo has introduced a completely new product for the financial market of Armenia - insurance against job loss. The new product is designed to support employees by covering their financial obligations, even in the event of mutual dismissal.
ArmInfo.On September 10, the National Assembly of Armenia approved the draft law of the Republic of Armenia "On Ratifying the Framework Agreement on the International Solar Alliance Fund." As Deputy Minister of Territorial Administration and Infrastructure Hakob Vardanyan stated earlier, Armenia's accession to the International Solar Alliance can make a significant contribution to the development of Armenia's renewable energy sector.
ArmInfo. It is necessary to resolve the issue of poor quality of electricity supply to consumers in Armenia, Armenia's Premier Nikol Pashinyan stated at a meeting of the Government of the Republic of Armenia on September 5.
ArmInfo. The Public Services Regulatory Commission (PSRC) will allocate a radio frequency of 3600-3800 MHz for the deployment of a 5G broadband network in Armenia. As reported on the page of the Ministry of High-Tech Industry, the head of the department Mkhitar Hayrapetyan stated this in an interview with Public Television.
ArmInfo. Since 2022, Armenia's IT sector has experienced significant growth, largely attributed to an inflow of re-locants from Russia. During this period, the sector has become a key contributor to GDP growth, accounting for 1-3 percentage points. But recent data from the last two quarters show a concerning picture, indicating that currently the sector is encountering serious problems.
ArmInfo. In Armenia, in the first half of 2024, foreign citizens completed 1,737 real estate purchase and sale transactions, which is 21.8% lower than a year ago. Moreover, of the total number of transactions, the share of transactions made by foreigners accounted for 6.4% (versus 9.4% a year earlier). This is evidenced by the data of the RA State Committee for Real Estate Cadastre.
ArmInfo.Prices for apartments in the regions of Armenia increased by 15% annually, and by 6.4% over six months, amounting to an average of 144.8 thousand AMD/1 sq.m. in the first half of 2024. This is evidenced by data from the State Committee of the Real Estate Cadastre of Armenia.
ArmInfo. As of July 2024, the highest wages in Armenia were recorded in the information and communication sector. According to the Statistical Committee of the Republic of Armenia, as of the reporting date, the average salary of specialists in this sector was 824.1,000 drams, which is 0.2% higher than the previous year's figure.
ArmInfo. In Armenia's foreign trade, Russia leads in imports at 63.6% and the UAE leads in exports at 45.3% compared to 25.3% and 13% respectively from a year ago. Their share in the total turnover has increased to 44.4% and 19.5% from 36% and 5.2% a year earlier. This is evidenced by the data of the RA Statistical Committee for January-July 2024.
ArmInfo. In Armenia's foreign trade, the share of precious metals and stones in imports and exports reached 69-55% in January-July 2024 (from 19-11% a year earlier), thereby increasing in total turnover from 14% to 61% over the year.
ArmInfo. Armenia's gross international reserves (GIR) decreased by 14.2% per annum or $555 million to $3.354 billion by July 2024, while a year ago an increase of 13.3% or $458.6 million was recorded. Thus, GIR continues to move away from the historical maximum of $4.2 billion recorded in August 2023.
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