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Prime Minister instructed to develop a program-strategy of actions  aimed at restoring the potential for economic growth 

 Monday, June 29 2020
Prime Minister instructed to develop a program-strategy of actions  aimed at restoring the potential for economic growth 

ArmInfo. The Commission for Coordination of Activities to Prevent the Spread of Coronavirus in the Republic of Armenia met in the Office of Government, chaired by Prime Minister Nikol Pashinyan. 


Under pandemic conditions, EU supports the Syrian Armenians in  developing their business

ArmInfo. From June 30 to July 2 an online pitching of business projects of self-employed Syrian Armenians, repatriates - residents of the SPARK program of the IRIS Business Incubator Fund was held.

EAEU lifts ban on export of cereals, flour and garlic

ArmInfo. A temporary ban on the  export from the countries of the Eurasian Economic Union (EAEU) of certain types of food products has been canceled, TASS reports.

Armenia and Iran discuss  possibility of implementing joint projects  in  field of transport and energy infrastructures
Natural gas supplies to Armenia from Russia temporarily suspended

Finance and banks

IDBank’s new offer to the Business

ArmInfo.IDBank offers to move your business to online platform to use the new privileges of Internet-acquiring with profitable conditions and give an opportunity to your customers to avoid contact with cash and use your services remotely.

EFSD Assessed Accessibility of Macroeconomic Stabilization Financing  in Armenia

ArmInfo. The Eurasian Fund for  Stabilization and Development (EFSD, Fund), has published a working  paper "Global Financial Safety Net in Eurasia: Accessibility of  Macroeconomic Stabilization Financing in Armenia, Belarus,  Kyrgyzstan, and Tajikistan". The analysis is of particular importance  in the context of the current crisis associated with the COVID-19  pandemic, the Official Website of Organization reports.

Armswissbank successfully placed tranche of Eurobonds in the amount  of 5 mln 
Armenian President met with Chairman of Central Bank


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

"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 

ArmInfo. In Armenia electricity  tariffs will not increase, at least until February 1, 2021. Chairman  of the Commission for Regulation of Public Services (PSRC) Garegin  Baghramyan announced this on June 8 in a conversation with reporters.

Armenian Ambassador and Iranian Oil Minister discuss Armenian-Iranian  gas program in exchange for electricity
"Ayg-1" industrial-scale solar power plant with a capacity of 200 MW  will be built in Armenia


Armenia was selected as Action Coalition leader for technology and  innovations under the UN-led "Generation Equality" Forum on women`s  rights

ArmInfo. On 1 July, Armenia  became global leader for "Technology and Innovation for Gender  Equality" action coalition of the UN-led Generation Equality Forum,  the press service of the Armenian Foreign Ministry informs. 

UNDP ImpactAim Climate Change Technology Accelerator is looking for  ventures, targeting Energy Efficiency and Renewables challenges 

ArmInfo. UNDP in Armenia's  ImpactAim Venture Accelerator, in cooperation with Enterprise  Incubator Foundation (EIF) and ISTC - Innovative Solutions and  Technologies Center Foundation, is calling Armenian and international  tech ventures to apply for Climate Change Technology Accelerator  (CCTA) 2020 focused on "Energy Efficiency and Renewables".  The  program targets the current challenges of energy efficiency and  renewables sectors, such as:  Artificial Intelligence (AI) for Energy  Demand Management: AI for data analyzing and decision making;   Passive and Smart living environments; Efficient Heating and/or  Cooling Solutions: Heating and/or cooling technologies that are  energy efficient and supplied from renewable sources; Hydrogen  Energy; Microgrids Based on Renewable Energy; Reduction of losses in  transmission and transformation systems.

Armenian "Robin" robot is in the center of attention of Forbes  magazine
Minister: The share of high technology in the GDP by the end of 2019  was only 2.4%

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. In the first years in  many years, the Armenian trade sector began to decline, which was  associated with the introduction of restrictions by the Commander for  emergency situations on a number of economic activities due to the  spread of a new type of coronavirus.  Thus, according to the RA  Statistical Committee, the revenue of the Armenian trade sector in  January-April 2020 decreased by 8.6% (against growth by 9.8%),  amounting to 816.1 billion drams ($ 1.6 billion). The last time a  decrease in trade in the Republic of Armenia was registered in  January-October 2016 (0.1%).  At the same time, in April 2020 alone,  trade turnover in Armenia showed a decline of 29.4% (annual decline  of 1.8%) to 158.5 billion drams ($ 324.4 million).

ArmInfo. Communication   sector's revenues of Armenia amounted to 45.8 billion drams ($ 95  million) in January-April2020, having decreased by 2.8% year on year,  against the 4.5% decline a year earlier. According to the RA  Statistical Committee, of the total proceeds, the lion's share is  provided by the telecommunication sector - 90.3% or 41.4 billion  drams with an y-o-y decline of 3.1% (against the 8.7% decline a year  earlier).

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