Armenian Finance Minister Vardan Khachatryan was pleasantly surprised. An American cashier had told him the Armenian model of development had deserved study. {BR} ”Development of Armenia has become a model. It’s the export economy”, Minister said during the joint conference with Carlos Pascuale. Mr. Khachatryan stated it was impossible to develop the economy otherwise at such speed. During...

Despite obvious growth in light industry there are still many problems in that sphere, Trade and Economy Ministry official Meruzhan Hakobyan said Friday at a news conference.{BR} Electrical and machine-tool construction industries are hobbled by Armelectromash and Haykabel plants bad workmanship. He says this year growth was seen in woodworking and chemical industry thanks to Nairit chemical...

On Tuesday, World Bank approved three credit projects on Armenia. Under the first of them, Armenia’s State Sector Modernization program, the WB allocates 10 million 150 thousand USD.{BR} The WB offers another $23 million for water-supply needs. The credit will make water supply in Armenian provinces more effective, but drinking water problem will remain unsolved at least four years, says...

Why did the Investment Commission of Central Bank make a secret decision to sell the gold savings in the bank reserve? The public has learnt the bargain recently. CB Chair Tigran Sargssyan referred to this issue at today’s conference. {BR} CB purchased more than 3 milliard drams after the sale of about 1,4 tons of gold in the bank reserve. It’s one of the ordinary bargains the local...

On Tuesday, the head of Armenian-European Center’s Armenian Office Tigran Jrbashyan, speaking at a seminar on trade relations between Armenia and European Union, said a 21,3-percent economic growth in the country recorded in the last year was due to export of various goods.{BR} He said the EU is one of major trade partners to Armenia.

The Armenian citizens won’t any longer need to prove in Courts that the advertisement of “Teleplus” Company for acquaintance service broadcasted on several TV channels during 2003 April-June is unfair. {BR} On April 9, 2004, Appeal Court left unchanged the decisions of the First Instance and Review Courts, under which Kristina Teryan’s claim against “Teleplus” LTD...

The papers on sale of 100%stocks of “Nairit Factory” CJSC were signed in Central Bank of Armenia. Russia’s “Volga Burmash” Holding bought “Nairit Factory” from “HayKap” Bank CJSC.{BR} Armenian Central Bank Chair Tigran Sargssyan assures the bargain was made after long negotiations. He thanked Armenian Trade and Economic Development Minister Karen...

Armenian State Committee of Real Estate together with Swedish “Swedesurvey” Company held a seminar on “Development of Real Estate Cadastre and Improvement of Real Estate Cadastre-Bank System Relation for Hypothec Crediting”. {BR} The aim of the seminar is to introduce the present state of Armenia, to show the experience of the Western countries and to discuss the cooperation...

Armenian Energy Minister Armen Movsisyan thinks that Iran-Armenia gas-pipe may stretch to Ukraine through Georgia and to get to the countries of European Union. {BR} He informed that construction of that gas-pipe is in the interests of both EU and Russia, which want to have an alternative source of gas. However, Minister says it’s a matter of long negotiations since it concerns the countries receiving Russian gas.

Armenian Prime Minister Andranik Margaryan met Wednesday with head of Russian Wneshtorgbank Andrey Kostin who is now in Armenia to sign an agreement on acquisition of Haykhnaybank’s controlling interest.{BR} Kostin expressed hope that the first appearance of a Russian bank at Armenian market will promote growth of Armenia’s population confidence in banks as it is already seen in Russia....

Committee on Protecting the Economic Competition has today discussed the issue on “Cardinal” coffee. Its package resembles “Fero” package. {BR} That discussion would be rather interesting if “ArmenTel” Executive Director Georgios Vasilakis wasn’t present for it and didn’t appear with scandalous statements. He partook in the sitting because of “Armico”,...

On March 24 the 22nd sitting of Committee for Culture, Education and Social Issues of Parliamentary Assembly of Black Sea Economic Cooperation will take place in Yerevan. Armenian Parliament Speaker Arthur Baghdasaryan and Committee Vice-Chair Dumitru Buzatu will make speeches. {BR} Approval of the protocol of the 21st sitting in Thessalonica in 2003 October, discussions over social, economical and...

”There are 2 factors hampering villagers to get credits. Lack of credit resources and problems of pawning mechanisms is the first and lack of deposits at the villagers is the second”, Agriculture Minister David Loqyan informed at a press conference. {BR} Referring to the seed-farming problems, David Loqyan stated: ”After Soviet regime collapse all the seed-growing objects of Armenia...

Last week MPs were presented to the “New Labor Code”. Justice Deputy Minister Tigran Mukuchyan introduced it. {BR} But taking into account passivity of law-makers, Parliament Committee on Social Issues, Health Care and Ecology, headed by Gagik Mkheyan, has today initiated hearings in Parliament, which will enable to improve the bill, Mkheyan thinks. Today Tigran Mukuchyan has again...

Armenian Communications Ministry won its lawsuit against ArmenTel Company in Economic Court.{BR} The plaintiff’s attorney Gevorg Costanyan said Armentel had denied cancelling its decision to raise consumer prices for telecommunication service in a clear breach of its contract signed with the government in 2002 and ignoring the ministry decision. A four-dram per minute was specified in the...

Grants of $ 84.000 were distributed to 10 communes of Armenia headed by USA Vice-Ambassador to Armenia Vivien Walker. {BR} The sum will be allocated for reconstructing schools, kindergartens, medical centers and sport halls. Construction is short-dated and will be carried out within 6 months. USAID controls the program. “Let’s Save Children!” organization is responsible for implementation of it.

Today Armenian Minister of Finance and Economy Vardan Khachatryan and Head of the European Commission Delegation Mr Torben Holtze signed National Indicative Programme 2004-2006. The programme describes overall objectives and ways to assist Armenia through the European Union’s Tacis programme for the three years. {BR} Tacis Indicative Programme 2004-2006 covers the following two priority areas...

”Beginning from April 1 10, 25, 50, 100 and 200 bonds will be out of circulation”, Gevorg Tumanyan, Central Bank representative informed at a press conference. {BR} According to him, citizens needn’t worry since the above bonds will keep their value but will gradually move out of circulation. Only the 10, 25, 50, 100 and 200 kopecks will be as means of payment. As to the 500-dram...

Central Bank of Armenia and UNDP set up the first paying system through Internet in Armenia by “ArCa” plastic cards. {BR} Central Bank Chair Tigran Sargssyan informed that the system enables “ArCa” owners to pay for public utilities – telephone, gas, water, electricity on the Internet address of the company, and to buy “ArmenTel” easy-cards and “ArmInco”...

“Poverty rate in Armenia is still too high. There are many unsolved problems in public health care system and tremendous numbers of jobless in the republic. All these problems will be solved in the event of cooperation between state and private sectors”, the UN Coordinator in Armenia Liz Grande said at a conference held Thursday in Yerevan by the UNO and International Agency for Development...

Twenty trade banks in Armenia keep 1,5 milliard dollars of citizens' deposits. The head of the Central Bank Tigran Sargssyan proposed to institute a law permitted to put this money into economy of the state.

Parliament postponed discussion of the issue on making amendments to the Law on applying the cash registers and credits for 15 days. {BR} 2004’ project on Monetary and Credit Policy of Central Bank was introduced. CB Chair Tigran Sargssyan said that all the positive lines in economy are taken into account in that project. The riskiest point for the program is the issue of bakery price. Sargssyan...

On February 27 Committee for Regulating Public Services will study the application on raising the water tariff. {BR} The application provides that 120 drams are to be fixed for 1 cubic meter of water in Yerevan instead of 56 at present and 150 drams in provinces.

Karapet Sakapetoyan, manager of Valeta Company, official representative of Ariston Company participating in Construction and Repair EXPO 2004 exposition, said the company’s top concern is connected with water supply in Armenia.{BR} The most of the water-heating devices produced by the company, as a rule, get out of order because of fluctuation of water pressure, he said. “But who cares?...