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Armenia's Economic Pulse

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  • Re: Armenia's Economic Pulse

    CBA Puts 100,000 AMD Note Into Circulation



    The Central Bank of Armenia (CBA) has put 100,000 AMD banknotes into circulation today. Talking to journalists, CBA Board Chairman Vakhtang Abrahamyan reported that 50,000 AMD banknotes constitute 7% of the cash in circulation, and the CBA expects the new, 100,000 AMD, banknotes to constitute 3% of the amount.

    As to whether this suggest AMD devaluation or is pregnant with a price rise, Abrahamyan said that the studies showed no reasons for concern.

    “First, since they were put into circulation, 50,000 AMD banknotes have been serving the country’s economy and presently constitute 7% of the cash in circulation. We think that the 100,000 AMD banknotes will constitute 3%, which cannot cause any rise in prices. Secondly, we have considered the experience of a number of countries (Denmark, Switzerland, Czech Republic, Baltic States), which shows it facilitates circulation and allows large-scale transactions to be effected in terms of other currencies,” Abrahamyan said.

    As to what is the sense of putting 100,000 AMD banknotes into circulation if 50,000 AMD banknotes constitute only 7% of the total cash in circulation, Abrahamyan said that the measure is supposed to make large-scale transactions easier for people.

    The CBA Board member also expressed the opinion that the measure will not cause an increase in the cash amount in circulation, as the newly printed 100,000 AMD banknotes have nothing in common with the CBA-implemented programs, which, in turn, are aimed at reducing the share of cash in circulation and facilitating cashless payments.


    Source: http://news.am/en/news/economy/3014.html

    Comment


    • Re: Armenia's Economic Pulse

      Asian Development Bank: 20-30% of Armenians Suffer from Hunger

      In a statement made today, the Asian Development Bank reported that more than 30 percent of Armenia’s population suffers from hunger, as do 20-30 percent of the people in Tajikistan, Bangladesh, Cambodia, Mongolia, India, Pakistan, Sri Lanka and East Timor.

      The ADB reported that large pockets of extreme poverty and hunger persist in Asia, where the global downturn makes it more difficult to achieve U.N. goals to reduce the ranks of the poor, the Asian Development Bank said Wednesday.

      Nepal is the worst off with 55.1 percent of its population surviving on less than $1.25 a day. In China and India, 15.9 percent and 41.6 percent of the population live below the poverty line, respectively.

      Comment


      • Re: Armenia's Economic Pulse

        Construction in Armenia is stong, check out some videos of
        construction being done:

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        Comment


        • Re: Armenia's Economic Pulse

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          Comment


          • Re: Armenia's Economic Pulse

            MACROECONOMIC INDICATORS DOWN IN ARMENIA

            Information-Analytic Agency NEWS.am
            Sept 18 2009
            Armenia

            The RA Statistical Service has published the macroeconomic indicators
            of Armenia.

            According to the report, an 18.4% economic decline was recorded
            in the country this January-August. Armenia's GDP totaled 1,716.8m
            AMD GDP, and the number of unemployed reached 83,800 (an increase
            of 10.8%). All the economic sectors recorded a decrease in output,
            with a considerable decline recorded in the construction sector -
            52.6%. In the other sectors the situation was as follows: industry
            (11.9%); services (1.4%); agriculture (1.5%).

            This January-April, Armenia's foreign trade turnover showed a decrease
            of 29.9%, with a 41.1% decrease in exports and 27% decrease in imports.
            Hayastan or Bust.

            Comment


            • Re: Armenia's Economic Pulse

              Four Gravity Systems
              From: Mihran Kalaydjian <[email protected]>
              Date: Wed, 23 Sep 2009 18:50:02 +0500 (AMST)

              --------------------------------------------------------------------------------

              FOUR GRAVITY SYSTEMS


              16:49:58 - 22/09/2009

              The Millennium Challenge Armenia (MCA-Armenia) SNCO signed a
              contract with Arpa-Sevan Open Joint Stock Company (Armenia) to
              perform construction works on the Aygezard, Shenik, Mantash and
              Vardenis gravity systems. The contract was signed by Ara Hovsepyan,
              MCA-Armenia CEO and Paruir Hakobyan, Director of Arpa-Sevan.

              Present at the signing ceremony was the RA Deputy Prime-Minister,
              Minister of Territorial Administration Armen Gevorgyan. Mr. Gevorgyan
              is also member of MCA-Armenia's Governing Council.

              The contract price is 5, 512, 827.12 US dollars and the term of the
              contract is 20 months.

              More than 61, 000 farmers in 23 communities of Ararat, Armavir,
              Gegharkunik and Shirak marzes will benefit from the construction of
              these gravity systems.

              Construction of the four gravity schemes is one of the key components
              of MCA-Armenia Irrigation Infrastructure Activity, under which
              MCA-Armenia will conduct rehabilitation works on 6 main canals,
              renovate 17 pumping stations, help the farmers in more than 70
              communities to upgrade their tertiary irrigation systems, and make
              improvements to the Ararat valley drainage system.
              Hayastan or Bust.

              Comment


              • Re: Armenia's Economic Pulse

                PLASTIC CARDS IN ARMENIA GROW BY 28%

                ArmInfo
                2009-09-22 18:46:00

                ArmInfo. Plastic cards in Armenia by September 1, 2009, grew by 28%
                to 409346 pieces, as compared to the similar period of 2008. Moreover,
                12998 cards were issued in August, having yielded to July indicator
                by 4004 cards.

                These cards have been issued by the Armenian payment system's
                member-banks.

                62% (254,000 pieces) of the total active cards fell on the local ArCa
                cards, 25% (104.3 thsd pieces) - on Visa and 13% (50.9 thsd pieces)
                - on MasterCard. Operations in August were carried out on 271.4 thsd
                cards on the average (66% of the total active cards) having exceeded
                July indicator by 8,4%.

                As Armenian Card CJSC told ArmInfo, the number of the active
                sales/service points and cash delivery stations in this system (less
                regard to ATMs) as of September 1 made up 2026, 294 of which are cash
                delivery stations. 2280 POS-terminals functioned in these sales/service
                points, 371 of which - in the cash delivery stations. Along with
                it, ArCa cards were served by 2260 POS-terminals, Visa - by 1552,
                MasterCard - by 1819 out of the total number of POS-terminals. The
                number of sales/service points and cash delivery stations over August
                grew by 22 as compared to July, and POS-terminals - by 20. Total of
                518 ATMs operated in Armenia as of September 1, 2009.
                Hayastan or Bust.

                Comment


                • Re: Armenia's Economic Pulse

                  OPEN BORDER WITH TURKEY WOULD MAKE ARMENIA EXPORTING COUNTRY: BUSINESSMAN

                  /ARKA/
                  September 23, 2009
                  YEREVAN

                  Vazgen Safarian, chairman of the Union of Armenian Commodity Producers,
                  argued Tuesday that the open border with Turkey would transform
                  Armenia from an importing country into an exporting one.

                  "If our goal is to become a developed country we should work to make
                  Armenia a country that exports its goods and the open border with
                  Turkey will push Armenian producers to seek foreign markets and to
                  improve the quality of their goods,' he said, warning, however, that
                  after the border is open, Armenia's economic relations with Turkey
                  will not be on a par.

                  To substantiate he cited the latest figures reflecting Turkish-Armenian
                  trade in 2008 when Turkish imports to Armenia amounted to $269 million.

                  Turkey sells to Armenia mineral resources ($38 million), bituminous
                  materials ($40.4 million), knitted fabric and garments ($50 million)
                  cables and many other produces. Armenian exports to Turkey last
                  year- ferrous metals, electricity, metal scrap, aluminum and lather-
                  totaled $1.8 million.

                  According to Vazgen Safarian, this disparity is the result of the
                  closed border and lack of diplomatic relations between the two
                  countries.

                  "The priority task of the government is to encourage domestic
                  producers. This is why our organization has developed a strategic
                  development concept encouraging Armenian producers w hich we are going
                  to send to the government's consideration,' he said, adding that if
                  the border opens Armenia can sell $220 million wroth electricity to
                  Turkey annually.

                  According to official figures, Armenia's trade with Turkey in
                  the first seven months of 2009 slashed by 28% to $86.7 million
                  year-on-year. Armenian exports to Turkey plummeted by 50.1% to $539,800
                  (0.2% of all Armenian exports). Turkish import to Armenia fell by 27.8%
                  to $86.2 million. At the same time import from Turkey's territory
                  fell by 23.1% to $76 million.
                  Hayastan or Bust.

                  Comment


                  • Re: Armenia's Economic Pulse

                    Turkey’s cheapest labor made their products cheaper in Caucasus and flooding our market with the products will kill our ‘alive’ producers in no time.

                    Armenia will import their “products” even cheaper; w/o paying tariffs at importing through Georgia. It will make their ‘products’ most cheaper ones; killing the rest of production we have.

                    And Armenia's Economic Pulse will be stopped.

                    Note please that minimal average wage in Armenia, in non government owned companies, is about $600.

                    After accepting all Turkish preconditions on AG, Western Armenia, Artsakh we will be looking as a second grade country in the world that lost its self-respect.

                    Imports will be increased immensely, thats right!!!!!!!!!!

                    Situation is terrific! Please don’t tell that Armenia is winning when, in fact, we are losing all the advantages we had/have forever!
                    Last edited by gegev; 09-24-2009, 08:50 PM.

                    Comment


                    • Re: Armenia's Economic Pulse

                      Originally posted by gegev View Post
                      Turkey’s cheapest labor made their products cheaper in Caucasus and flooding our market with the products will kill our ‘alive’ producers in no time.

                      Armenia will import their “products” even cheaper; w/o paying tariffs at importing through Georgia. It will make their ‘products’ most cheaper ones; killing the rest of production we have.

                      And Armenia's Economic Pulse will be stopped.

                      Note please that minimal average wage in Armenia, in non government owned companies, is about $600.

                      After accepting all Turkish preconditions on AG, Western Armenia, Artsakh we will be looking as a second grade country in the world that lost its self-respect.

                      Imports will be increased immensely, thats right!!!!!!!!!!

                      Situation is terrific! Please don’t tell that Armenia is winning when, in fact, we are losing all the advantages we had/have forever!

                      Your statements contradict the facts. There is a reason why many in Armenia want to open the border on the Armenian side and it's not because they love turcks. The armenian side has much more to gain from open borders then the turckish side and any self respecting economist would tell you that.
                      Hayastan or Bust.

                      Comment

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