ArmInfo. On March 1, 2023, the Board of Directors of Ucom CJSC announced a CEO transition. Ara Khachatryan, the current  CEO of Ucom CJSC, and the Board have mutually agreed  upon transition of his executive functions, while continuing to support the Company.  Ralph Yirikian has been appointed new Chief Executive Officer of Ucom CJSC.

ArmInfo.The implementation of the "Irretrievable lubricoolant loss reduction" project at the ARMENAL plant saved a total of $540,000 last January-September, due to 17% reduction in the specific consumption of lubricoolant. 

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ArmInfo.Today, our country is facing such challenges that do not allow us to abandon the fulfillment of our international obligations, including the  abandonment of the high economic benefit from the exploitation of the Amulsar gold mine. RA Minister of Economy Vahan Kerobyan stated this  in an interview to the Public Television of Armenia.

ArmInfo. In Armenia, industrial growth continues to lag behind growth in economic activity. This is  stated in the study of the "Luys" Foundation, which used the data  published by the Statistical Committee of the Republic of Armenia for  the year 2023 in its analysis of the socio-economic developments of  the RA economy in January 2023.  

ArmInfo. Armenia's gross international reserves (GIR) fell from a historic high of $4.112 billion in December 2022 to $3.689 billion in January 2023. In particular, gross international reserves decreased in January by 10.3% or by $422.6 million (after December's 17% growth or by $594  million). At the same time, the y-o-y dynamics remained in growth, but with a noticeable slowdown in rates from 31% to 18%, i.e. in  absolute terms, last year's growth by $738 million has narrowed this year to $551 million. This is evidenced by the data of the Central  Bank of the Republic of Armenia.

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ArmInfo.

ArmInfo. In Armenia, the total volume of plastic transactions accelerated y-o-y growth from 26.3% in  2021 to 34.7% in 2022, exceeding 4.4 trillion drams or $11.3 billion (including transactions abroad with cards of Armenian issuing banks).  This is evidenced by the data of the Central Bank of the Republic of Armenia, according to which the volume of transactions carried out  abroad with the cards of the issuing banks of Armenia increased 2.1-fold on a y-o-y terms up to 456.5 billion drams or 1.2 billion  dollars (10.3% of the total plastic transactions).

ArmInfo.In Armenia, the double-digit growth in the number of vPOS-terminals continues, along with regular POS-terminals. In Q4 2022, compared to the same period in 2021, the number of vPOS-terminals increased by 15.7% or 503 units (up to 3703 units), with the 3.8-fold growth of regular POS-terminals by 50537 units, while a year earlier the growth of both vPOS-terminals and regular POS-terminals was almost the same - 30.1% and 41 .1% respectively.

ArmInfo. According to the Fitch Ratings forecast for 2023, Armenia's public debt will decrease to 47.3% of GDP, and external debt - to 38.1% of GDP, while economic growth slows down to 6.1%. The agency also expects that in 2023 inflation in Armenia will be 6.5%, GDP per capita - $7472, the state budget deficit - 2.5% of GDP, and the current account deficit (including FDI) will remain at 1.2 % of GDP. This is noted in the February Fitch rating report on the capital of Armenia - Yerevan.

ArmInfo.Armenian Minister of Economy Vahan Kerobyan held a meeting with representatives of large  American and British investment companies, in particular Morgan Stanley, Artisan Partners, T. Rowe Price and Fidelity funds. The  press service of the Ministry of Economy reports.

ArmInfo.Fitch Ratings has revised the Outlook on the City of Yerevan's Long-Term Foreign- and Local-Currency Issuer  Default Ratings (IDRs) to Positive from Stable and affirmed the IDRs at 'B+'.  According to the source, the revision of Outlook follows  the recent similar action on Armenia's sovereign ratings (see 'Fitch Revises Armenia's Outlook to Positive; Affirms at 'B+' dated 10  February 2023 on www.fitchratings.com).  It is also noted  that the city's ratings as capped by the sovereign's.

ArmInfo.Today, Prime Minister Nikol Pashinyan visited the Civil Aviation Committee of the Republic of Armenia, where he got acquainted with the performance report 2022 of the department, the press service of the RA PM reports.

ArmInfo. Armenia's Ministry of Economy plans to see a $1 billion turnover in trade between Armenia and the Arab countries by the end of 2023, Minister of Economy Vahan Kerobyan said in an interview with GlobalCitizen. 

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ArmInfo.

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ArmInfo.Deputy Minister of High-Tech Industry of Armenia David Sahakyan introduced the French  entrepreneurs, who expressed a desire to invest in the Armenian market, the economic potential of Armenia, the directions and  prospects of the Armenian-French cooperation in the high-tech sector.

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