ArmInfo.The share of SMEs in Armenia's GDP reached 60%.  This was stated by Minister of Economy of Armenia Vahan Kerobyan, answering a question from an ArmInfo  correspondent, on the sidelines of a press conference held within the  framework of the organization of the "Days of Science and Business"  in Armenia.

ArmInfo. The upgrade of Armenia's long-term issuer default rating in foreign currency from  <B+> to <BB-> by Fitch Ratings indicates an increase in Armenia's  investment attractiveness. RA Deputy Finance Minister Eduard Hakobyan  expressed a similar opinion in an interview with the Public  Television of Armenia.

ArmInfo.Fitch Ratings has upgraded Armenia's Long-Term Foreign-Currency Issuer Default Rating  (IDR) to 'BB-' from 'B+'. The Outlook is Stable. This is stated in the message of the agency.

ArmInfo.Areas of activity that are characterized by a high degree of profitability may be deprived of  the right to be considered micro-entrepreneurship entities and, accordingly, enjoy a preferential tax regime, Armenia's Deputy Minister of Finance Arman Poghosyan told a press conference as he commented on expected changes in taxation of microbusinesses. 

ArmInfo.Ozon has opened a representative office in Yerevan and is launching its own logistics  infrastructure in the country to make it easier for local sellers to enter the Russian market and ensure prompt delivery of goods from Armenia. This was announced today, July 25, by the press service of  the company.

ArmInfo.Ardshinbank will become a partner of Sevan Startup Summit 2023, which will be held on July 23-29 on the shore of the Lake Sevan and will bring together entrepreneurs, investors, and startuppers from around the world.

ArmInfo. RA Prime Minister Nikol Pashinyan chaired the regular Cabinet meeting today, the press service of the RA Government reports.  By the decision of the  Government, changes and additions were made to the Law of the  Republic of Armenia "On the State Budget of the Republic of Armenia -  2023" and the decision No. 2111 of the Government of the Republic of  Armenia of December 29, 2022.  Minister of Finance Vahe Hovanisyan  noted that the adoption of the draft decision is due to the  overachievement of budget revenues based on the results of the first  half of 2023, which exceeded the plan for the first half by about 50  billion AMD. As a result, the reserve fund is replenished by 10  billion AMD due to the increase of the tax revenues. "Let me note  that before this, with 10 decisions, our plan had already increased  by around 7.5 billion AMD, the main part of which, approximately 6.5  billion AMD, was allocated to Nagorno Karabakh," said Vahe  Hovhannisyan.  Prime Minister Nikol Pashinyan also referred to an  important decision made in the previous Cabinet meeting, which is  related to the development of the capital market, reminding that a  special place is given to the development of the capital market in  both the 2018 Action Plan and the 2021 Action Plan of the government.   The Prime Minister assured that in the steps aimed at giving a new  impetus to the economic development of Armenia since 2018, the  development of the capital market can become the new component that  will not only become a new stimulus for economic development, but  also a new mechanism of social protection of people.  According to  Deputy Prime Minister Mher Grigoryan, the risks of our country,  according to the assessment of leading international rating  companies, are such that it is very attractive for investments, but  due to the lack of tools, this flow is not realized. According to the  Deputy Prime Minister, the promotion of stock exchange trade is also  a platform for very serious diversified foreign investments.  The  Prime Minister clarified that these mechanisms are very important,  because when a large foreign investor acquires a bond of the Armenian  government, it is, first of all, a confidence in the government and  the country. 

ArmInfo. Germany is interested  in expanding cooperation with Eastern Partnership states, Mr Jens  Brandenburg, Parliamentary State Secretary to the Federal Minister of  Education and Research of Germany, stated at his meeting with  Armenia's Deputy Minister of Economy Rafael Gevorgyan. German  Ambassador to Armenia Viktor Richter attended the meeting as well. 

ArmInfo. The Ozon marketplace  has opened access for residents of Armenia to purchase goods from  Russia. Forbes reports with reference to the press service of the  company.

ArmInfo.As early as July 1, in the frames of the IDsalary package from IDBank, customers will have an opportunity to cash out free of charge not only at IDBank ATMs, but also at ArCa system banks.

ArmInfo. By June 2023, Armenia's gross international reserves (GIR) accelerated y-o-y growth from 4.7% to 19%, increasing in absolute terms by $597.4 million and reaching $3.749 billion, thereby approaching the historical maximum of $4.112 billion recorded at the end of 2022.  About this evidenced by the data of the Central Bank of the Republic of Armenia, according to which in May of this year alone, GIR increased by 3.1% (or by $112 million), while in Jan-May it decreased by 8.8% (or by $363.1 million).

ArmInfo. Since the conclusion  of the deal with the Warsaw Stock Exchange (on the acquisition of a  part of the shares of the Armenia Securities Exchange -AMX), the  Ministry of Economy has been working on a program that will activate  the capital market of Armenia.  Deputy Minister of Economy of Armenia  Rafael Gevorgyan stated at a meeting of the Armenian- Polish  intergovernmental commission on economic cooperation.

ArmInfo. The Armenian government  has determined certain areas of social spending, the size, the circle  of family members, according to which a person will be able to claim  a refund of a certain amount from the income tax paid by him within  the framework of the Universal Declaration of Income. The  corresponding draft decision was approved on June 29 at a Cabinet  meeting.

ArmInfo.

ArmInfo. According to a revised  forecast by the Central Bank of Armenia (CBA), 6.9% GDP growth is  expected this year against the previously forecast 5.8% (against the  actual 12.6% growth in 2022), with a further slowdown to 5.5% in  2024. 

ArmInfo. On June 28, ARARATBANK  OJSC started payment of dividends to shareholders, directing AMD 5  billion ($12.7 million) from the net profit of AMD 13.2 billion  ($33.5 million) received for 2022. The remaining AMD 8.2 billion  ($20.8 million) remain at the disposal of the Bank and will be  directed to its development. This decision was made at the General  Annual Meeting of ARARATBANK Shareholders held on June 27.

ArmInfo. Armenia's Minister of  Territorial Administration and Infrastructure Gnel Sanosyan hosted a  delegation led by Chinese Ambassador to Armenia Fan Yong. 

ArmInfo. The economies of the countries of the Eurasian Economic Union (EAEU) maintain positive trends. Iya Malkina, assistant to the chairman of the Eurasian Economic Commission (EEC), stated during a briefing on June 26.

ArmInfo.

ArmInfo. On June 22nd, the Orion Summit 2023, with the slogan "Investments Position Armenia,"  was held at the Harvard Club in New York City, USA. About 100 representatives from the United States, the United Kingdom, Canada, Germany, and Armenia, representing different sectors such as  technology, businesses, and Financial Services, participated in the summit.