Armenia to attract another loan from IBRD in amount of EUR 26.5  million to improve public administration system

 Friday, May 13 2022 21:35:00
Armenia to attract another loan from IBRD in amount of EUR 26.5  million to improve public administration system

ArmInfo. The World Bank will provide Armenia with a loan of 26.5 million euros to improve the public administration system. On May 13, the Government of Armenia approved the draft law of the Republic of Armenia on the ratification of the  loan agreement of the "Fourth Public Sector Modernization Program  between the International Bank for Reconstruction and Development  (the main lending institution of the WB - ed. note) and the Republic  of Armenia".

According to UBA level of profitability of the Armenian banking  system is quite low
 Friday, May 13 2022 21:34

ArmInfo. The level of profitability of the Armenian banking system is quite low. This  assessment of the UBA was announced on May 13 at a press conference  by the Executive Director of the Union of Banks of Armenia Seyran  Sargsyan, explaining that the level of profitability of the banking  system is determined by such efficiency ratios as return on equity  (ROE) and return on assets (ROA).

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Converse Bank bonds can now be purchased via the mobile application
 Friday, May 13 2022 16:55

ArmInfo.Converse Bank bonds are now also available via our mobile application. Here, in a matter of minutes you can complete the entire purchasing process of the bonds from opening a security account to signing the contract. Full information on bonds placement is also available on the app.

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UBA: Net inflow of private transfers to Armenia increased by 45% per  annum in Q1
 Friday, May 13 2022 16:47

ArmInfo.In Q1 2022, the inflow of transfers from individuals to Armenia increased by 38.2% per annum or by $155 million, reaching $561 million, Deputy Executive Director  of the Union of Banks of Armenia Arman Sargsyan said during a press  conference on May 13.

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Seyran Sargsyan: The reduction in non-resident deposits had a  negative impact on the total volume of bank deposits
 Friday, May 13 2022 15:15

ArmInfo. The deposits of the banking system of Armenia for the first quarter decreased by 1% or by 42 billion drams, amounting to 3.98 trillion drams. Executive  director of the Union of Banks of Armenia (UBA) Seyran Sargsyan  announced this during a press conference on May 13, while noting that  in y-o-y terms, deposits increased by 7.6% or 281 billion drams.

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ARMSWISSBANK receives EBRD award "The most Active Issuing Bank in Armenia for 2021"
 Thursday, May 12 2022 15:05

ArmInfo.For the 4th year in a row, ARMSWISSBANK has been awarded “The Most Active Issuing Bank in Armenia”  during the Annual Meeting of the European Bank for Reconstruction and Development (EBRD) which took place May 10-12, 2022 in Marrakesh, the Morocco.

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IBRD to grant a 22.6 mln euro loan to Armenia under education program
 Thursday, May 5 2022 16:21

ArmInfo.International Bank for Reconstruction and Development (IBRD) will grant a 22.6 mln euro loan to Armenia under an education program. At its meeting on Thursday,  Armenia's Cabinet approved the signing of a relevant agreement.

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On May 4, Armeconombank started primary placement of regular USD and  AMD bonds
 Wednesday, May 4 2022 20:21

ArmInfo.On May 4, Armeconombank started the primary placement of regular tranches of dollar and dram nominal, coupon and non-documentary bonds with issue volumes of $  5mln and 1.5bln drams.

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AMD 10.757.867 to “My Forest Armenia” environmental organization: the next beneficiary of “The Power of One Dram” is the “Children of Armenia” Charitable Foundation
 Tuesday, May 3 2022 23:13

ArmInfo.IDBank and Idram sum up the next program of "The Power of One Dram" initiative: the entire amount of "one drams" collected during March-April of this year was donated to "My Forest Armeniaenvironmental non-governmental organization.

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Central Bank of Armenia: There is still high uncertainty in terms of  macroeconomic prospects
 Tuesday, May 3 2022 18:51

ArmInfo.There is still high uncertainty in terms of macroeconomic prospects due to geopolitical developments. At the same time, the risks of inflation deviating from  the projected vector are generally balanced, but in the event of  their sharper direction, the Central Bank will react properly to  ensure price stability.

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The volume of AraratBank bonds of the 22nd issue expires  
 Tuesday, May 3 2022 18:35

ArmInfo. The USD-denominated bonds issued by ARARATBANK Open Joint Stock Company on April 21 have been fully underwritten.

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Armenia`s Central Bank leaves refinancing rate unchanged - 9.25%
 Tuesday, May 3 2022 12:41

ArmInfo. At its meeting today, the Board of the Central Bank of Armenia (CBA) decided to leave the refinancing rate unchanged, at 9.25%.

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Gross international reserves of Armenia decreased by 10% in Q1 2022
 Wednesday, April 27 2022 17:59

ArmInfo. Armenia's gross international reserves decreased by 10% in Q1 2022 (against an increase of 15% in the same period a year earlier) or by $307.4  million, amounting to $2.922 billion, according to the data of the  Central Bank of the Republic of Armenia.

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To avoid accumulation of risks in mortgage loans, CBA has introduced  new LTV standard with  maximum threshold of 70-90%
 Tuesday, April 26 2022 16:13

ArmInfo.The Central Bank of Armenia, in order to avoid the accumulation of risks on mortgage loans, from April 1, 2022 introduced the LTV (loan-to-value,  loan/collateral value) standards (5/1 and 5/2) with the maximum  threshold for the maximum loan/collateral value ratio at a rate of  90% for loans in AMD and 70% for loans in foreign currency.

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CBA warns citizens: "One Card" LLC does not have a license from the  Central Bank and it is very risky to entrust your funds to such an  organization 
 Monday, April 25 2022 21:25

ArmInfo.The Central Bank of the Republic of Armenia, having studied numerous applications and received alarms, revealed that "One Card" LLC which operates in Armenia, publicly attracts citizens' funds, proposing to double and return them with a  certain "surcharge".

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Winners of a special promotion by Converse Bank and Mastercard receive a holiday gift card
 Wednesday, April 20 2022 16:49

ArmInfo.Converse Bank has recapped the results of the special promotion run in collaboration with Mastercard.As a prize Converse Bank offered to its 20 most active Mastercard holders who would make purchases from 1st September until 30th November including, a three-day family holiday gift card to be used in Armenia (for 2 adults and 2 kids) and the rest of the participants of the special promotion were offered a cashback up to 30,000 AMD.

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In Q1 2022, banks of Armenia increased tax deductions to state  treasury by 4.5% per annum
 Wednesday, April 20 2022 16:32

ArmInfo.The banking system of Armenia in Q1 2022 increased tax deductions to the state treasury by 4.5% per annum - up to 12.8 billion drams ($26.3 million), against a  decrease of 3.2% a year earlier in the same period. 77.2% or 10.6  billion drams of this amount was paid in direct taxes, with a y-o-y  increase of 8.2% (against a 12.5% decline a year earlier).

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ARARATBANK issues and underwrites USD 5,000,000 bonds
 Monday, April 18 2022 16:29

ArmInfo.On April 21, 2022, AraratBank OJSC will issue the first USD-denominated tranche in 2022 on the following terms:

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Converse Bank has launched the next round of bonds placement
 Monday, April 18 2022 11:51

ArmInfo.Converse Bank has started the placement of nominal coupon bonds totaling 2 billion AMD and 10,000,000 USD. The coupon yield of the bond is 10% and 4% respectively, the coupon payment frequency is semi-annual.

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Araratbank to put into sale another tranche of $ 5mln dollar bonds on  April 21
 Saturday, April 16 2022 09:37

ArmInfo. On April 21, Araratbank will start selling another tranche of $ 5 million dollar bonds, and the primary placement of this issue is scheduled to be completed no  later than July 21. This is noted in the issue prospectus posted on  the website of the Central Bank of Armenia.

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Armenia is reviewing program to subsidize interest rates on loans  to procurement companies
 Friday, April 15 2022 16:19

ArmInfo.The Ministry of Economy of Armenia is making certain changes to the program of subsidizing interest rates on loans issued for the purchase of agricultural raw  materials.  

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News
Armenian, UAE  FMs discuss bilateral cooperation Armenian, UAE  FMs discuss bilateral cooperation 
Armenia to attract another loan from IBRD in amount of EUR 26.5  million to improve public administration systemArmenia to attract another loan from IBRD in amount of EUR 26.5  million to improve public administration system
According to UBA level of profitability of the Armenian banking  system is quite lowAccording to UBA level of profitability of the Armenian banking  system is quite low
$10 million to be invested in construction of multifunctional  business center in Dzoragyugh district of Yerevan$10 million to be invested in construction of multifunctional  business center in Dzoragyugh district of Yerevan
Converse Bank bonds can now be purchased via the mobile applicationConverse Bank bonds can now be purchased via the mobile application
UBA: Net inflow of private transfers to Armenia increased by 45% per  annum in Q1UBA: Net inflow of private transfers to Armenia increased by 45% per  annum in Q1
Seyran Sargsyan: The reduction in non-resident deposits had a  negative impact on the total volume of bank depositsSeyran Sargsyan: The reduction in non-resident deposits had a  negative impact on the total volume of bank deposits
UBA: Volumes of lending to the Armenian economy have grown in almost  all areasUBA: Volumes of lending to the Armenian economy have grown in almost  all areas
Team Telecom Armenia to start business data center construction Team Telecom Armenia to start business data center construction 
Discount system in cashless transactions for pensioners to be  introduced in Armenia Discount system in cashless transactions for pensioners to be  introduced in Armenia 
Armenia`s government to allocate  $10mln to road renovation Armenia`s government to allocate  $10mln to road renovation 
Passenger traffic in Armenia reached 40% growth in Q1Passenger traffic in Armenia reached 40% growth in Q1
Armenia, Iran simplify mutual access of investors to FEZ markets of  two countriesArmenia, Iran simplify mutual access of investors to FEZ markets of  two countries
Armenia`s communications sector revenue in Q1 2022 increased by 6.8%Armenia`s communications sector revenue in Q1 2022 increased by 6.8%
Armenia reduced wine production in Q1Armenia reduced wine production in Q1
Pashinyan receives Alexei Overchuk and Andrey RudenkoPashinyan receives Alexei Overchuk and Andrey Rudenko
Tourist flow to Armenia starts to recoverTourist flow to Armenia starts to recover
ARMSWISSBANK receives EBRD award ARMSWISSBANK receives EBRD award "The most Active Issuing Bank in Armenia for 2021"
Natural population decline was recorded in Armenia Natural population decline was recorded in Armenia 
Armenia`s population decreased by 2.3 thousand people by April 1,  2022Armenia`s population decreased by 2.3 thousand people by April 1,  2022
S&P Global Ratings assigns S&P Global Ratings assigns "B-" (Local Currency LT credit rating) to  ASCE Group
Armenia spares no effort for North-South energy corridor program to  be implemented in shorted period - minister Armenia spares no effort for North-South energy corridor program to  be implemented in shorted period - minister 
Turkey never agreed on construction of dams on Aras River with other  countries of basin - Ali Akbar MehrabianTurkey never agreed on construction of dams on Aras River with other  countries of basin - Ali Akbar Mehrabian
Armenia, Iran to consider to increasing gas supplies from Iran to  ArmeniaArmenia, Iran to consider to increasing gas supplies from Iran to  Armenia
Hayk Yesayan: Introduction of 5G in Armenia in the next couple of  years will be inexpedientHayk Yesayan: Introduction of 5G in Armenia in the next couple of  years will be inexpedient
Armenia, Iran to sign memorandum to develop cooperation in number of  areasArmenia, Iran to sign memorandum to develop cooperation in number of  areas
Another intermediate subway station to be built in YerevanAnother intermediate subway station to be built in Yerevan
FinRating ArmInfo: Travel insurance has grown in terms of the number  of contracts concludedFinRating ArmInfo: Travel insurance has grown in terms of the number  of contracts concluded
Armenia`s premier visits Confederation of Netherlands Industry and  Employers to present investment opportunities in Armenia to local  businessArmenia`s premier visits Confederation of Netherlands Industry and  Employers to present investment opportunities in Armenia to local  business
Armenia`s foreign trade turnover with EAEU countries increased by  40.7% in Q1 2022Armenia`s foreign trade turnover with EAEU countries increased by  40.7% in Q1 2022
Armenia`s specific debt burden per capita has already reached $3.2  thousandArmenia`s specific debt burden per capita has already reached $3.2  thousand
Russia, China remain leaders in Armenia`s exports, imports Russia, China remain leaders in Armenia`s exports, imports 
Innovative Agradrons Laboratory has been opened at Armenian National Agrarian University Innovative Agradrons Laboratory has been opened at Armenian National Agrarian University 
Despite significant migration flow from Russia, the negative balance  of Armenia`s migration exceeded 2.4 thousand people in Q12022Despite significant migration flow from Russia, the negative balance  of Armenia`s migration exceeded 2.4 thousand people in Q12022
Electricity generation increased by 16.7% in Armenia in Q1 2022 Electricity generation increased by 16.7% in Armenia in Q1 2022 
Service sector and energy complex were major drivers of economic  activity growth in Q1 2022 Service sector and energy complex were major drivers of economic  activity growth in Q1 2022 
About AMD 372 million were allocated for payment of salary arrears  to employees of Nairit Plant About AMD 372 million were allocated for payment of salary arrears  to employees of Nairit Plant 
Metallurgical industry of Armenia reduced production volumes by 17%  in Q1 2022Metallurgical industry of Armenia reduced production volumes by 17%  in Q1 2022
Turkish aviation authorities closed their airspace to FLYONE ARMENIA  European destinationsTurkish aviation authorities closed their airspace to FLYONE ARMENIA  European destinations
In Q1 2022 more than 8 thousand tons of aluminum foil were produced  in ArmeniaIn Q1 2022 more than 8 thousand tons of aluminum foil were produced  in Armenia
Statistics: The production volumes of Armenia`s industry increased by  3.1% in Q1 2022 Statistics: The production volumes of Armenia`s industry increased by  3.1% in Q1 2022 
IBRD to grant a 22.6 mln euro loan to Armenia under education programIBRD to grant a 22.6 mln euro loan to Armenia under education program
Armenia`s trade turnover up by $1bln Jan 1 to Apr 20Armenia`s trade turnover up by $1bln Jan 1 to Apr 20
Armenia to expand circle of officials to be checked for legitimacy of  their propertyArmenia to expand circle of officials to be checked for legitimacy of  their property
From June 15, Armenia launches regular ferry service from Georgian  Poti to Russian Port of Kavkaz From June 15, Armenia launches regular ferry service from Georgian  Poti to Russian Port of Kavkaz 
On May 4, Armeconombank started primary placement of regular USD and  AMD bondsOn May 4, Armeconombank started primary placement of regular USD and  AMD bonds
"Rossgostrakh Armenia" IC holds lead in net insurance premiums
Armenian government prepares support measures for digital business  transformationArmenian government prepares support measures for digital business  transformation
Italian entrepreneurs intend to implement number of investment  projects in ArmeniaItalian entrepreneurs intend to implement number of investment  projects in Armenia
Finrating ArmInfo: Armenia`s insurance sector summed up Q1 2022 with  profit of $2.5 millionFinrating ArmInfo: Armenia`s insurance sector summed up Q1 2022 with  profit of $2.5 million
EU stands ready to continue assisting Armenian governmentEU stands ready to continue assisting Armenian government
AMD 10.757.867 to “My Forest Armenia” environmental organization: the next beneficiary of “The Power of One Dram” is the “Children of Armenia” Charitable FoundationAMD 10.757.867 to “My Forest Armenia” environmental organization: the next beneficiary of “The Power of One Dram” is the “Children of Armenia” Charitable Foundation
Presentation of Financial Statements will become mandatory only for  OJSCs of public interestPresentation of Financial Statements will become mandatory only for  OJSCs of public interest
Head of Central Bank: The composition of Armenia`s exports may changeHead of Central Bank: The composition of Armenia`s exports may change
Central Bank of Armenia records increase in absorptive capacity of  economyCentral Bank of Armenia records increase in absorptive capacity of  economy
Central Bank of Armenia: There is still high uncertainty in terms of  macroeconomic prospectsCentral Bank of Armenia: There is still high uncertainty in terms of  macroeconomic prospects
The volume of AraratBank bonds of the 22nd issue expires  The volume of AraratBank bonds of the 22nd issue expires  
Team Telecom Armenia completes rebranding process and switches to  active implementation of strategic programsTeam Telecom Armenia completes rebranding process and switches to  active implementation of strategic programs
Armenia`s Central Bank leaves refinancing rate unchanged - 9.25%Armenia`s Central Bank leaves refinancing rate unchanged - 9.25%
AMD 231.3bln tax revenues in April 2022AMD 231.3bln tax revenues in April 2022
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16.05.2022
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