ArmInfo.

ArmInfo. In the banking sector of Armenia, the volume of lending accelerated in growth in 2023 from 13%  to 21%, reaching 5.8 trillion drams ($14.2 billion). But this was not enough to save profits from the decline, which, after a 3-fold jump in 2022, decreased by 9.2% in 2023, amounting to 229.9 billion drams ($567.9 million). This is evidenced by the data of the Financial Rating of Banks of Armenia as of December 31, 2023, prepared by  ArmInfo. 

ArmInfo.

ArmInfo.The Armenian government wants to introduce a new agreement format - SAFE (Simple agreement for future equity). At the plenary meeting on March 19, the National Assembly of the Republic of Armenia is discussing amendments to the law "On Joint-Stock Companies" in the first reading.

ArmInfo. The link between the national card systems of Armenia and Russia - ArCa and MIR - will be suspended from March 30. 

ArmInfo.Please be informed that due to the restrictions applied to the operator of the MIR card system, it will not be possible to ensure the full operation of MIR cards in our POS-terminals and ATMs in the territory of Armenia.

ArmInfo.A series of bilateral meetings took place in Washington between representatives of the Armenian  Ministry of Economy and the US public sector.

ArmInfo.At the headquarters of the Eurasian Economic Commission, a meeting was held between the  Minister of Industry and Agro-Industrial Complex of the EEC Gohar Barseghyan and the Chairman of the Board of the Eurasian Development Bank (EDB) Nikolai Podguzov.

ArmInfo.

ArmInfo.Staying true to its practice, the Corporate Governance Center translated the G20/OECD Principles of Corporate Governance revised in 2023.

ArmInfo. Armenia will host the 8th World Wine Tourism Conference, the Tourism Committee of Armenia  reports.

ArmInfo.The Central Bank of Armenia (CBA) forecasts GDP growth of 5.3% or 6.4% for 2024 - up to  10.4-10.5 trillion drams (against 8.7% growth - up to 9.5 trillion drams in 2023), depending on the formation in the economy or high or low inflation environment. In 2025, according to the Central Bank's forecast, GDP growth will accelerate slightly to 5.7-6.7%, reaching a value of 11.4-11.7 trillion drams.

ArmInfo.

ArmInfo.

ArmInfo.

ArmInfo.Armenia's Ministry of Economy has initiated changes to the RA Law "On Joint Stock  Companies", which provides for the introduction of a new format for concluding an agreement - SAFE (Simple agreement for future equity. 

ArmInfo.

ArmInfo. Our calculations show that we are approaching the neutral interest rate level. This opinion  was expressed by head of the Central Bank of Armenia Martin Galstyan at a press conference on the decision of the Central Bank Board to reduce the refinancing rate by 0.25p.p. to 8.5%.

ArmInfo. The external inflationary impact on the Armenian economy continues to weaken significantly. Governor of the Central Bank of the Republic of Armenia, Martin Galstyan, said on March 12 at a press conference on the reduction of the refinancing rate to 8.5% from 8.75%, noting that lowering the key rate is necessary to achieve the target inflation level of 4% and ensure price stability in the medium term.

ArmInfo.The share of non-cash transactions in 2023 increased to 51% of the total volume In the Armenian plastic card market, (from 40% in 2022), to 3.2 trillion drams ($7.9 billion) in absolute terms. Moreover, the y-o-y growth rate of the volume of non-cash transactions accelerated from 69.7% to 2-fold. The increase in the share of non-cash transactions with Armenian cards resulted from a legislative restriction on cash transactions introduced from July 1, 2022.