The trade-industrial exhibition «Armenia Expo-2005» will be held in the hall of the Sport-Concert Complex after Karen Demirchyan for three days. The event is unprecedented as it is the largest ever organized in independent Armenia. {BR} «The exhibition proves that Armenia has become a regional systematizing business center», said head of the Union of Industrialists and Businessmen Arsen Ghazaryan....

The company «Electricity Supply Network of Armenia» has aroused interest in many countries. On June 30 the Russian company “United Electric System” announced about their desire to buy the company with 73 million USD. {BR} Some days ago the World Bank rendered a press conference demanding to comment on the announcements about the change of the owners of the company. According to the head of the Yerevan office of the World Bank Roger Robinson...

The United States Agency for International Development (USAID/Armenia) is launching a new five-year project to advance tax reforms in Armenia. {BR} The Tax Improvement Project (TIP), which is being implemented through a contract with Booz Allen Hamilton, will focus on improving the management of the State Tax Service (STS) in order to raise Armenia’s tax/GDP ratio. Building on the impressive growth...

Armenia has managed to “convince” the World Bank to continue the financing of the Informational Technologies field till the end of 2006. {BR} The World Bank will finance the continuation of the program “Companies’ Incubator”. It started in 2002 when the Bank allotted 5 million USD to Armenia for the program. During the creation of the program there was financing from other organizations as well which allowed us to “economize means”....

The Ministry of Finance and Economy has published the report on state budget, according to which the major part of income (82%) was provided at the expense of tax payments. The state duty made 4.3%, non-tax income 8.8%, income of capital bargains – 1.9%, official transfers- 2.2%. {BR} As compared to the same period of last year the state duty lowered with 4.8% or 291.3 million AMD, what is conditioned...

From next year on the Kingdom of the Netherlands will allot 5 million Euros to Armenia. Today the Kingdom of the Netherlands Development cooperation Minister Agnes van Arden informed the journalists about it. {BR} Up to now the Netherlands have been giving 4.7 million Euros to our country annually. The additional 300 000, according to the Finance Minister Vardan Khachatryan, is enough money to realize...

«The exchange rate of USD and ARMD is conditioned by the supply and demand. When the demand rises, dollar becomes more expensive», this is the explanation of Tigran Sargsyan about the raise of the exchange rate of the US dollar for the last few days. According to him, the factors affecting the dram-dollar exchange rate are numerous and it is impossible to say which one of them is more important. The...

Today the official opening of the “Izmirlyan-Eurasia Universal Credit Company” LTD took place, although the Credit Company has been working since 2004 August. {BR} According to the executive director of the Company Zaqar Boyajyan the two companies have united “to make their investment in the improvement of the economy and living level in Armenia”. Up to now the “Izmirlyan-Eurasia Universal Credit Company” has certified 41 credits of a...

Mustafa Kyurtin, President of the Black Sea Commerce and Development Bank, held a press conference today together with RA Finance and Economy Minister Vardan Khachatryan. Let us mention that the Bank is the body realizing the financial programs of the Black Sea Economic cooperation political structure. 11 states are members of the Bank, including Azerbaijan, Armenia, Russia, Georgia and Turkey. {BR} Bank...

Will the involvement of the Trans Caucasian countries in the EU «New Neighbors Program» contribute to their membership in the structure or vice versa? The question sounded during the 7th annual meeting of the heads of the Commerce and Development Black Sea Bank, but there was no answer. {BR} «We have been interested in the region for the last 14 years», said representative of the European Committee...

Today the Government has made several decisions one of which is really philanthropic: to compensate the debts of the Armenian exporters. For the last few years the country has accumulated financial debts to the exporters as it did not pay the expenses for compensating Value Added Tax (VAT). Minister of Finance and Economy Tigran Khachatryan informed today that from this year on the Government will...

“The ARMD rate is not important. What is important is that it must contribute to the development of the economy”, said economist Eduard Akhajanov today during the discussion with the theme “Economy and Currency Policy” in hotel Yerevan. He and member of the Central Bank council Vache Gabrielyan were the guests of the political debates club today. {BR} According to the economist, the year 2004 was unique and dangerous for Armenia. Last year...

To develop the market of securities Armenia should joint the International Organization of Securities Commissions. In the opinion of chairman of the RA commission on securities Eduard Muradyan in this way a legislation on the market of securities corresponding to the international standards can be adopted in Armenia. {BR} The principal obstacle for the development of the market is the unstable juridical...

Asked a question by “A1+”, economist Gagik Minasyan said he does not know another country in the world where there are 50-60 currency exchange points in one part in the street. He brought the example of the civilized countries where, for example, there are exchange points in limited places only, for example, in airports or hotels, but not in every step. {BR} Gagik Minasyan shares the opinion of the Central Bank about restrictions of the work...

NA Standing Committee on Financial-Credit, Budgetary and Economic Affairs head Gagik Minasyan has been cheered up by the discussions of the budget. As a result of the discussions he has learned that there is a positive tendency, particularly, it is the 4th year that the economy has bee developing, and the first when the income part of the budget has been over fulfilled for 2.4% without the Lins Fund....

Today Pavel Ghaltaghchyan, deputy head of the Economical Competition Defense Committee held a press conference to inform that part of the dairy and meat market has bee investigated and monopolies have been revealed, plus 8 companies producing dairy and meat products have been punished. {BR} The deputy head of the Committee announced proudly that 3 companies importing liquid gas have also been punished....

Vahan Hovhannisyan from the Revolutionary Federation announced yesterday that the Russian businessmen are worried about the anti-competition state of our country and they see serious dangers for the business relations with Armenia. He also said there are serious problems in the country. {BR} The NA deputy President took as ground for his announcement the points of view of the businessmen representing...

Today the dollar-dram rate of exchange has considerably changed, as the dollar rate began increasing rapidly. In view of the sharp fluctuations available at the currency market the Central Bank of Armenia called upon the citizens not to yield to panic in order to avoid reverse fluctuations caused by false rumors. {BR} The CB officials consider the currency fluctuations to be an artificial rush caused...

Since 2000 the sessions of the Armenian-American Economic cooperation Working group lasted 2 days, and from now on they will last only one day. Today in the hotel «Marriott-Armenia» the 10th session of the group took place. Let us mention that they are convened once a year, every time in a different country, and this time it’s USA’s turn. {BR} From early morning till late in the evening the...

During 4 months the Armenian state budget has suffered a loss of 710 million drams. After that the Government has decided to introduce changes in the RA Law on Confirmed taxes of tobacco products. «If the project is not adopted, in case of the Armenian currency rate preserving for the coming months, the loss of the budet for every month will be 450 drams», announced Finance and Economy Minister Tigran...

«The development of Hydro Electric Power Stations will reduce the necessity of the Nuclear Power Station», announced today Larry Good, the representative of the Improvement enhancing and Power Safety securing program in Armenia during the conference about the development of Micro Power Station development. {BR} According to him, from the economic and financial point of view much money can be saved...

Two members of the Economical Competition Defense Committee represented today the situation in the glass and black metal market imported into the country. The most notable expression in the report was the following, “Taking into account that the metals are used mainly in construction, and the quantities of import are enlarged, we can say that there has been a growth of construction and reconstruction...

”People cannot stand those checkings any more; they are sick and tired of them. They check different taxes 15 times. Let them check once in 5 years, and people will know that they have to pay the taxes for 5 years. In this case they will be more honest”, this was the strange announcement of Samvel Balasanyan, head of the fraction Orinats Yerkir. {BR} The delegate was angry as he did not understand...

«Simplified tax is a very liberal tax, how can you help liking it? But still it creates unequal conditions for enterprising companies», said Armen Alaverdyan, deputy head of the National Tax Inspectorate during today’s hearings organized by the NA standing committee on financial-budget and economical affairs. {BR} Armen Alaverdyan, as well as Gagik Minasyan, head of the Committee announced that as a result of the introduction of this tax many...