Tag Archives: Armenia

Armenia cuts interest rate

NOV. 15 2016 (The Conway Bulletin) — Armenia’s Central Bank cut its key interest rate by 0.25% to 6.5%, its lowest level since at least 201. The Central Bank has been steadily cutting interest rates throughout the year to try to combat falling inflation. At the start of the year, Armenia’s interest rate had been set at 8.75%. The Central Bank said that economic activity was still slow and that it expected soft inflationary pressures to continue.

ENDS

(News report from Issue No. 305, published on Nov. 18 2016)

EU wants to relax visa, says Armenia

NOV. 14 2016 (The Conway Bulletin) — Armenian media reported that following an EU meeting backing a visa liberalisation deal with Georgia and Ukraine, the EU also wanted to start talks with Armenia on scrapping, or relaxing, its visa system. Specifically, Armenpress said that EU officials were waiting for “an opportunity to start negotiations on visa issues with Armenia in a timely period.”

ENDS

(News report from Issue No. 305, published on Nov. 18 2016)

Deflation continues in Armenia

NOV. 9 2016 (The Conway Bulletin) — In the first ten months of 2016, consumer prices in Armenia decreased by 3.1%, the country’s Statistics Committee said. Importantly, food prices decreased by 6%. Deflation in the country has continued throughout the year, although October registered inflation of 0.5% compared to September. Low economic activity has depressed prices in Armenia and could hinder growth.

ENDS

(News report from Issue No. 304, published on Nov. 11 2016)

EBRD gives loan to Armenia

NOV. 9 2016 (The Conway Bulletin) — The EBRD gave a $50m loan to Armenia to modernise a section of the Vanadzor-Bagratashen highway, which connects central Armenia to the border with Georgia. Repair and construction work will be carried out along a 51km section of the road. The European Investment Bank will support the modernisation of another section of the road with a $51m loan. Vanadzor is Armenia’s third-largest city. Armenia-Georgia ties have improved in recent years.

ENDS

(News report from Issue No. 304, published on Nov. 11 2016)

Georgia and Armenia unveil border crossing

NOV. 4 2016 (The Conway Bulletin) — Armenia and Georgia unveiled a new border crossing at Bagratashen and renewed vows to boost bilateral cooperation. At the inauguration ceremony, Georgian PM Giorgi Kvirikashvili met Armenian President Serzh Sargsyan and stressed the importance of improved regional cooperation.

ENDS

(News report from Issue No. 304, published on Nov. 11 2016)

Armenian airline to compete with Russian

NOV. 1 2016 (The Conway Bulletin) — The newly-established Armenia carrier said it is ready to compete with the low-cost Russian company Pobeda, which started flights linking Armenia to Moscow and Rostov-on-Don. Armenia’s CEO, Robert Hovhannisyan, said that his company will fly from the more central Yerevan airport, which will give the local carrier a competitive advantage on Pobeda, which flies to and from Gyumri, Armenia’s second city. Pobeda is a low-cost subsidiary of Russia’s Aeroflot.

ENDS

(News report from Issue No. 303, published on Nov. 4 2016)

Armenian President to see out term

NOV. 1 2016 (The Conway Bulletin) — Armen Gevorgyan, chief of the presidential staff in Armenia, said that, despite the country’s prospective transition from a presidential to a parliamentary democracy, President Serzh Sargsyan will continue to rule until his term, his second and final one, ends in 2018. Last December, a referendum approved the switch in the country’s form of government. Next year, Armenians will vote in parliamentary elections with a new electoral law. In the Central Asia/South Caucasus region, Georgia and Kyrgyzstan have switched to parliamentary systems of government.

ENDS

(News report from Issue No. 303, published on Nov. 4 2016)

Armenia needs high-value investments

NOV. 1 2016 (The Conway Bulletin) — Armenia needs to attract high-value added investment to sustain its growth, Arsen Nazaryan an officer at the World Bank’s IFC local office said in an interview. Of crucial importance, foreign investment that can upgrade the domestic economy and increase high-skilled jobs can only be obtained if the country undergoes more reforms, Mr Nazaryan told the banks.am website. A section of its economy that Armena has developed is tech.

ENDS

(News report from Issue No. 303, published on Nov. 4 2016)

EU holds more talks with Armenia

OCT. 25 2016 (The Conway Bulletin) — A fifth round of negotiations took place between the EU and Armenia over a new framework agreement. A framework agreement would pull Armenia, which is part of the Kremlin-lead Eurasian Economic Union, closer to the EU. Armenia needs to develop its allies. Russia, though, which has cool ties with the EU, is one of its biggest backers.

ENDS

(News report from Issue No. 302, published on Oct. 28 2016)

Gazprom Armenia appoints new CEO

OCT. 24 2016 (The Conway Bulletin) — Gazprom Armenia, a subsidiary of Russia’s gas giant Gazprom, appointed former deputy director Hrant Tadevosyan as its new CEO. Gazprom’s CEO Alexei Miller formally introduced Mr Tadevosyan during a visit to Yerevan. His predecessor, Vardan Harutyunyan, was appointed to head the state revenues committee earlier in October.

ENDS

(News report from Issue No. 302, published on Oct. 28 2016)