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Armenia's Economic Pulse

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  • Re: Armenia's Economic Pulse

    Armenia’s total public debt grows by 5.4% to over $4.6 billion

    YEREVAN, July 31. / ARKA /. Armenia’s total public debt at the end of June 2015 stood at $4.680.2 billion, an increase of 5.4% from the beginning of the year, according to the latest numbers, released today by the National Statistical Service (NSS). It said the public debt grew by 1% in June alone.

    The nation’s external debt at the end of the first half amounted to $3.986.1 billion, an increase of 0.99% from the May. About $3.556.2 billion of the external debt was owed by the government, which rose by 1.24%. The Central Bank’s external debt stood at $429.9 million.

    The domestic debt was worth $694.1 million, an increase of 1.6%.. Of that amount about $609.9 million were owed by the government to resident buyers of bonds. The debt in foreign currency stood at $80.1 million. Also $2 million were owed as loans and borrowings and another $2 million as domestic guarantees.

    http://arka.am/en/news/economy/armen....DQrJdOS2.dpuf


    I saw a lot of posts over the past week or so about government debt, and I didn't get a chance to respond because I was in Western Armenia with very subpar internet. The level of debt in Armenia is still in a manageable range, and the government has experience dealing with this from the previous crises. I'm actually surprised because I thought the overall increase in debt would have been larger after the first six months given the poor economic indications that are coming out.

    It is indeed disappointing to see it grow given the work it took to get it down form 2010-13, but it's a necessary step that is a direct result of the economic situation in the region. Without the stimulus the country would be in a place of much more significant instability. But it's obvious you can't keep borrowing to make up for the shortfall, so the overall economic situation needs to improve quickly.

    Also as far as borrowing for infrastructure, I know it's never great to be indebted to these groups like the WB or IMF, but these are crucial projects that Armenia desperate need, which can dramatically alter the economic landscape of the country once they are completed. Anyway, we don't have to worry about further borrowing. These organization aren't giving loans at the moment for things like the Southern Armenia railway, until Armenia is finished paying for some of the other infrastructure
    <<եթե զենք էլ չլինի' ես քարերով կկրվեմ>>

    Comment


    • Re: Armenia's Economic Pulse

      Originally posted by Mher View Post
      Armenia’s total public debt grows by 5.4% to over $4.6 billion

      YEREVAN, July 31. / ARKA /. Armenia’s total public debt at the end of June 2015 stood at $4.680.2 billion, an increase of 5.4% from the beginning of the year, according to the latest numbers, released today by the National Statistical Service (NSS). It said the public debt grew by 1% in June alone.

      The nation’s external debt at the end of the first half amounted to $3.986.1 billion, an increase of 0.99% from the May. About $3.556.2 billion of the external debt was owed by the government, which rose by 1.24%. The Central Bank’s external debt stood at $429.9 million.

      The domestic debt was worth $694.1 million, an increase of 1.6%.. Of that amount about $609.9 million were owed by the government to resident buyers of bonds. The debt in foreign currency stood at $80.1 million. Also $2 million were owed as loans and borrowings and another $2 million as domestic guarantees.

      http://arka.am/en/news/economy/armen....DQrJdOS2.dpuf


      I saw a lot of posts over the past week or so about government debt, and I didn't get a chance to respond because I was in Western Armenia with very subpar internet. The level of debt in Armenia is still in a manageable range, and the government has experience dealing with this from the previous crises. I'm actually surprised because I thought the overall increase in debt would have been larger after the first six months given the poor economic indications that are coming out.

      It is indeed disappointing to see it grow given the work it took to get it down form 2010-13, but it's a necessary step that is a direct result of the economic situation in the region. Without the stimulus the country would be in a place of much more significant instability. But it's obvious you can't keep borrowing to make up for the shortfall, so the overall economic situation needs to improve quickly.

      Also as far as borrowing for infrastructure, I know it's never great to be indebted to these groups like the WB or IMF, but these are crucial projects that Armenia desperate need, which can dramatically alter the economic landscape of the country once they are completed. Anyway, we don't have to worry about further borrowing. These organization aren't giving loans at the moment for things like the Southern Armenia railway, until Armenia is finished paying for some of the other infrastructure
      This is why the Chinese based Eurasian bank is a good option for us. I think this railroad project should be done using this source of finance. Making Armenia into a transit hub will pay big economically but will also paste a bullseye on us as world powers fight to control such transit hubs.
      Hayastan or Bust.

      Comment


      • Re: Armenia's Economic Pulse

        @Mher
        You were in western Armenia. Would really like to hear your thoughts and experience. Who you met and their attitude . Any acknowledgment on Armenian disappearance and how that group (kurd/turk) is there now in over 3,000 villages?
        And , did you meet any (hidden souls)?
        Thanks in advance.
        HARK

        Comment


        • Re: Armenia's Economic Pulse

          Originally posted by Artashes View Post
          @Mher
          You were in western Armenia. Would really like to hear your thoughts and experience. Who you met and their attitude . Any acknowledgment on Armenian disappearance and how that group (kurd/turk) is there now in over 3,000 villages?
          And , did you meet any (hidden souls)?
          Thanks in advance.
          He is talking about Gyumri which is western Armenia in today's Armenia and not our lost homeland.
          Hayastan or Bust.

          Comment


          • Re: Armenia's Economic Pulse

            IRAN, ARMENIA SIGN BIG ELECTRICITY CONTRACT

            Mehr News Agency - Iran
            Aug 12 2015

            TEHRAN, Aug. 12 (MNA) - Iran and Armenia inked the contract of
            constructing the third line of electricity transmission to Armenia
            today.

            Having a worth of over 107 million euros, the strategic contract which
            is scheduled to be completed in 24 months was signed between Iran's
            SUNIR and Armenia Hai Wan and is expected to increase electricity
            exchanges more than three times.

            Providing the equipment, construction, installation, and launching of
            this 275-long electricity line is planned to be operated by Iranian
            contractor.

            About 70 percent of the financial resource of this project is supported
            by Export Development Bank of Iran, while the rest is provided by
            Iran Power & Water Equipment and Services Export Company (SUNIR).

            The project, further, connects Iran's electricity network to that of
            Georgia and Russia which makes it possible for Iran to generate and
            transit electricity to Caucasus countries .

            http://en.mehrnews.com/news/109189/I...icity-contract
            Hayastan or Bust.

            Comment


            • Re: Armenia's Economic Pulse

              This is very good news, they were talking about it 2 years ago.....I am glad its happening.

              Iran is a good Ally.
              B0zkurt Hunter

              Comment


              • Re: Armenia's Economic Pulse

                YEREVAN IS THE FIFTH MOST POPULAR CITY FOR RUSSIAN TOURISTS

                YEREVAN, August 17. / ARKA /. Armenia's capital city Yerevan is the
                fifth most popular destination for Russian tourists in the former
                Soviet Union, according to online hotel reservation service Oktogo.ru.

                Oktogo.ru service determines the most popular cities and resorts in
                the former Soviet Union, chosen by Russian tourists to spend their
                summer holidays.

                The rating is based on hotel reservation data from August 1 to 31
                made by tourists traveling without the help of travel agencies.

                In August the top 10 of Oktogo.ru includes Minsk (Belarus), Tbilisi
                (Georgia), Almaty (Kazakhstan), Kiev (Ukraine), Yerevan, Baku
                (Azerbaijan), Astana (Kazakhstan), Bishkek (Kyrgyzstan), Chisinau
                (Moldova) and Tashkent (Uzbekistan).

                The cheapest city is Bishkek, where a Russian tourist spends 1,200
                rubles per day on hotel accommodation and the most expensive is Baku
                (more than 6,000 rubles). In Minsk, the average price of a hotel
                room is 3,000 rubles; in Tbilisi it is 3,200 rubles and 3,100 rubles
                in Yerevan.

                Russians who have their holidays in August spend on average 4 days
                while visiting former Soviet republics as tourists and 9 days when
                they choose a sanatorium to improve their health.

                The top 5 most popular resorts among Russian tourists in summer are
                Batumi (Georgia), Gagra (Abkhazia), Klaipeda (Lithuania), Sukhumi
                (Abkhazia) and Cholpon-Ata (Kyrgyzstan). The cheapest of these
                destinations is Sukhumi where a hotel room is worth t 1,400 rubles
                a day.

                Other most popular countries for Russian tourists outside the former
                Soviet Union are Thailand, Vietnam, and Cuba.

                Oktogo.ru is an online service for hotel booking around the world,
                offering more than 500,000 hotels and apartments. -0-

                http://arka.am/en/news/tourism/yerev....owJR1YYM.dpuf
                Hayastan or Bust.

                Comment


                • Re: Armenia's Economic Pulse

                  GOVERNMENT APPROVES REDUCTION OF PRICE OF RUSSIAN GAS

                  YEREVAN, August 18. / ARKA /. The Armenian government approved
                  on Tuesday a protocol providing for the reduction of the price of
                  Russian gas shipped to Armenia across Georgia to $165 per one thousand
                  cubic meters.

                  Energy and natural resources minister Yervand Zakharyan said two
                  protocols between the governments of Armenia and the Russian Federation
                  are ready for signing.

                  He said the first protocol sets the gas price at $165 per one
                  thousand cubic meters for 2015, while the second protocol instructs
                  the authorized bodies to prepare a model of financial calculations
                  for later use until November 1.

                  The protocols, approved by the government, have to be ratified also
                  by the parliament, the minister said.

                  The agreement on the reduction of the price of Russian gas for Armenia
                  from $190 to $165 was reached in April during a meeting between
                  Gazprom chief Alexei Miller and Armenia's president Serzh Sargsyan.

                  Armenia's Russia-owned national gas distributor Gazprom Armenia
                  (owned by Gazprom") has a monopoly on the import and distribution of
                  Russian gas in the domestic market.-0-

                  http://arka.am/en/news/economy/gover....YNUn6BCW.dpuf
                  Hayastan or Bust.

                  Comment


                  • Re: Armenia's Economic Pulse



                    .
                    Politics is not about the pursuit of morality nor what's right or wrong
                    Its about self interest at personal and national level often at odds with the above.
                    Great politicians pursue the National interest and small politicians personal interests

                    Comment


                    • Re: Armenia's Economic Pulse

                      Read this article by the economist and pay attention to the last part where it so obviously misrepresents Armenia's external problems as her internal problems as if shifting blame from global events to internal events.

                      ECONOMIST: ARMENIAN DRAM DEVALUATION INEVITABLE

                      27.08.2015 20:09

                      YEREVAN, August 27. /ARKA/. Armenia's national currency will inevitably
                      go down against the US dollar, Vardan Bostanjyan, an economist,
                      told journalists on Thursday.

                      He finds it impossible to retain stability in prices only by the
                      central bank's efforts and its monetary policy instruments - an
                      appropriate tax and budgetary policy of the government is needed
                      for that.

                      "The central bank and the government's steps should be coordinated,"
                      Bostanjyan said. "The lack of one of these components load the other
                      with the whole stabilization burden."

                      Bostanjyan pointed out that Armenia's economy is dollarized, and,
                      in addition, it heavily depends on Russia's economy. That is why
                      Russia's all adverse developments strike hard at Armenia, which finds
                      itself in more vulnerable position.

                      "Now we perceive everything through the lens of Armenia's financial
                      market, but it should be understood that it is increasingly becoming
                      difficult to control economic processes because of various objective
                      and subjective factors," he said.

                      As a whole, he said, adverse processes strengthened in the world by
                      the end of the 20th century and in the beginning of the 21st century,
                      confrontation between the East and the West escalated, financial flows
                      underwent deformation and illegal migration intensified. As a result,
                      the global economic system is deforming, and this impacts Armenia.

                      The US dollar fell 0.79 percentage points against the Armenian dram
                      on Thursday, compared with Wednesday, and traded at 484.7 drams,
                      on average, at Armenia's forex market.

                      On August 24, the US dollar leapt 5.73 percentage points against the
                      Armenian dram and traded at 483.43 drams, on average, at Armenia's
                      forex market, and the European currency soared 16.56 percentage points
                      to 554.83 drams per one euro.

                      The dram devaluation is triggered by adverse developments at world
                      forex markets.

                      The Armenian national currency was driven down not only by outside
                      factors, but also by inside things -Armenia's foreign trade turnover
                      shrank 20.6% over the first half of this year to $2 186 million and
                      money transfers contracted by 30.5% to $537.1 million. ---0---

                      - See more at:
                      http://www.armbanks.am/en/2015/08/27....VYcWJ62r.dpuf
                      Hayastan or Bust.

                      Comment

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