Tag Archives: Armenia

Armenian Lydian secures more support

JULY 4 2017 (The Bulletin) — Armenian gold miner Lydian said that it had secured another $25m loan from the Orion and Resource Capital funds, specialist mining creditors, to help pay for the construction of its operations at its Amsular site in the south of the country. Earlier this year it also secured a $50m loan for funding on the same project from ING Bank. Armenia has been looking to boost mining projects.

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(News report from Issue No. 336, published on July 16 2017)

Booking.com responds to Azerbaijan’s complaint

JUNE 29 2017 (The Bulletin) — Booking.com, the Netherlands- based hotel booking website, has stopped making bookings for hotels in Nagorno-Karabakh, the region disputed between Azerbaijan and Armenia, after complaints from the Azerbaijani government, Baku- based media reported. It said that the Azerbaijani government had complained that Booking.com was breaking international law by making hotel bookings in the disputed region. Since a 1994 ceasefire, forces-backed by the Armenian government have controlled Nagorno-Karabakh.

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(News report from Issue No. 335, published on July 3 2017)

Armenia’s CB keeps interest rates steady

JUNE 27 2017 (The Bulletin) — Armenia’s Central Bank kept its key interest rate unchanged at 6%, holding true to is assessment earlier this year that it would stop its easing cycle to ward off a potential jump in inflation. Armenia had been measuring deflation until the start of this year when it said that the economy had turned a corner and that prices were now rising. It had steadily slashed its interest rate from 10.5% in 2015 to 6% in February 2017.

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(News report from Issue No. 335, published on July 3 2017)

Unemployment rate rises in Armenia

JUNE 30 2017 (The Bulletin) — Armenia’s unemployment rate hit 19% in the first quarter of the year, highlighting the impact of an economic downturn. The unemployment rate has risen steadily since 2014. In 2013/14 it hovered between 15% and 16%. Like the rest of the region, Armenia’s economy has been hit by a drop in oil prices that has dragged down the Russian economy.

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(News report from Issue No. 335, published on July 3 2017)

Armenia-Syria flights resume

JUNE 29 2017 (The Bulletin) — Cham Wings, a Syrian private airline, flew the first scheduled passenger flight from Damascus to Yerevan for four years. Cham Wings has said it intends to fly the route every week. There are no plans to restart the Yerevan- Aleppo route. On board the Cham Wings flight were 100 passengers, mainly Syrians of Armenian descent.

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(News report from Issue No. 335, published on July 3 2017)

Russia sends missiles to Azerbaijan

JUNE 24 2017 (The Bulletin) — Russia has sent a batch of new anti- tank missiles to Azerbaijan, the Azerbaijani defence ministry said. It released a video of half a dozen mechanised anti-tank vehicles being unloaded in Baku. Russia has previously been accused of propagating a war between Azerbaijan and Armenia over the disputed region of Nagorno- Karabakh in order to sell more weapons.

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(News report from Issue No. 335, published on July 3 2017)

Armenia’s Ardshinbank receives EDB loan

JUNE 28 2017 (The Bulletin) — The Almaty-based Eurasian Development Bank (EDB) has loaned Yerevan-based Ardshinbank $20m for a three-year period, media reported. Specifically, the loan is to facilitate import-export deals among member states of the EDB. As well as Armenia, these are Russia, Kazakhstan, Kyrgyzstan, Belarus and Tajikistan. Other than Tajikistan, they are all members of the Kremlin-lead Eurasian Economic Union.

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(News report from Issue No. 335, published on July 3 2017)

Armenia to complete power line

JUNE 27 2017 (The Bulletin) — Armenia will complete electricity transmissions lines to Iran and Georgia by the end of 2019, media reported quoting the deputy minister of energy, Hayk Harutyunyan. This is important because one of Armenia’s key export potentials is electricity. It operates the only nuclear power station in the region and has export capacity.

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(News report from Issue No. 335, published on July 3 2017)

Armenia accepts around 30,000 Syrian refugees

JUNE 26 2017 (The Bulletin) — Armenia has accepted around 30,000 refugees from Syria, the Economist newspaper reported in a story about how they have adapted to life in what many had regarded as the Motherland. Syria had been home to around 90,000 ethnic Armenians before a civil war broke out in 2011.

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(News report from Issue No. 335, published on July 3 2017)

Armenia to sign EU deal

JUNE 30 2017 (The Bulletin) — Armenia and the EU have completed negotiations over a new Comprehensive and Enhanced Partnership Agreement and will sign the deal in November, media reported by quoting Armenian foreign minister Eduard Nalbandian. This is the second attempt by Armenia and the EU to sign a Comprehensive and Enhanced Partnership Agreement. The first, in 2013, failed after Russian pressure on Armenia.

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(News report from Issue No. 335, published on July 3 2017)