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Re: Armenia's Economic Pulse
^ Great news!
^ Great news!
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Re: Armenia's Economic Pulse
Registering to run a marathon does not make us marathon runners.Originally posted by Haykakan View Post
We should have had either a record upon which to build up to the standard required or at least make a great effort to prepare for the challenge.
Currently the only challenge that the decision makers are preoccupied with is staying in power.
Economic performance is poor to deteriorating.
We have been limping along by selling our national assets, borrowing heavily and through bribery and corruption a section of the population content.
If we think by joining any group is the answer to a free lunch a great shock is waiting round the corner.
.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 interestsComment
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Re: Armenia's Economic Pulse
Greece and Armenia are going through economic problems.
The reasons are not identical but there are parallels, both symptoms and solutions.
A very inspiring presentation which could equally apply to Armenia in many aspects.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 interestsComment
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Re: Armenia's Economic Pulse
ARMENIA TO BECOME PART OF ENERGY CHAIN WITH GEORGIA AND IRAN
11:01, 2 March, 2015
YEREVAN, MARCH 2, ARMENPRESS: Armenia is going to build new electric
lines in its northern and southern borders to connect to the energy
systems of Georgia and Iran and in case of necessity the Republic
will be able to supply energy to these countries. With the electric
line with Georgia Armenia will connect also to the Russia's system,
becoming a part of the energy chain. Armenpress was informed about
it by the Director of the High Voltage Electric Networks CJSC Aram
Ananyan, stating that the building of the electric lines and stations
is intended in the coming years.
"There is an agreement for the substation Shinuhayr, located in Syunik
Region on the border with Iran, and by the end of this year we will
choose a contractor company. The end of the program is intended for
the year of 2017. Shinuhayr substation provides for the entire region
and we supply energy from here to Meghri and from there - to Iran.
With the same line we can get energy also from Iran. Today we supply
Iran with energy of 100-120 megawatts at nights and get about 15
megawatts during the days", - said Ananyan.Hayastan or Bust.Comment
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Re: Armenia's Economic Pulse
Oil and gas exploration in ArmeniaPolitics 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 interestsComment
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Re: Armenia's Economic Pulse
Haykakan Zhamanak: Armenia’s international reserves decline 40% in past year
‘Haykakan Zhamanak’ daily writes that Armenia’s international reserves amounted to $1 billion 351 million as of January 2015. “International reserves of Armenia fell to a 6-year low, which is evident from official statistics of Central Bank of Armenia. International reserves of our country fell below that level - $1 billion 258 million only during the crisis in 2009. Armenia’s international reserves have declined by $900 million or 40% as compared to January 2014,” the paper says.
For 3 Weeks Now the AMD/USD Exchange rate has been at 478.5AMD/USD due to the activities of the central bankLast edited by Mher; 03-20-2015, 08:16 PM.Comment
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Re: Armenia's Economic Pulse
Energy Monitor Worldwide
March 14, 2015 Saturday
Thirty-megawatt PV power plant to be built in Armenia by 2016
A photovoltaic (PV) power plant with an installed capacity of minimum
30 megawatt will be constructed in Armenia by 2016, deputy minister of
energy Hayk Harutiunyan told reporters on Thursday.
The deputy minister said they hope to manage to build a plant event
with higher capacity.
Metsamor Nuclear Power Plant accounts for about 30% of the energy
generation in the country. Some 41.9% of the energy is received at
heat power plant, and hydro power plant account for 29.2% of the
entire power production.
Small hydro power plants are the most promising direction in the
countryEUR(tm)s energy sector. There are also windmills in Armenia, and
efforts are made to take the advantage of geothermal energy. Windmills
account for 0.03% of the power generation. 2015 Global Data Point.Hayastan or Bust.Comment
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Re: Armenia's Economic Pulse
TIME HAS COME TO START THINKING ABOUT FORMING CURRENCY UNION, PUTIN SAYS
YEREVAN, March 20. / ARKA /. Russian president Vladimir Putin
proposed on Friday creating a regional currency union with Belarus
and Kazakhstan, Russia's political and economic partners.
Putin made his proposal at a meeting with the Belarusian and Kazakh
presidents in Kazakhstan.
"The time has come to start thinking about forming a currency union,"
Putin said after the talks in the Kazakh capital Astana with Belarusian
President Alexander Lukashenko and Kazakh President Nursultan
Nazarbayev. He gave no details of the proposal but suggested it would
be easier to meet economic challenges by working closely together.
Belarus and oil producers Kazakhstan and Russia are joined by Armenia
in the Eurasian Economic Union. A fifth former Soviet republic,
Kyrgyzstan, is due to accede to the bloc this year.-0-
Hayastan or Bust.Comment
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Re: Armenia's Economic Pulse
Wonderful news. A country as technologically advanced as Armenia and with such dire geopolitical restrictions should become a world leader in renewable energy purely out of need of survival- in the same manner as we've seen in the IT sector.Originally posted by Haykakan View Post
Also
I believe this is a false statement that's often repeated. This might have been the case early in independence, but today Armenia's energy needs stands at roughly 3000 MW. Metsamor produces 376MW, or roughly 12.5 percent of that.Originally posted by Haykakan View PostComment
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Re: Armenia's Economic Pulse
Armenia Sells More Eurobonds
Hovannes Shoghikian
Հրապարակված է՝ 20.03.2015
In its most expensive ever borrowing operation reflecting the fallout from an economic crisis in Russia, the Armenian government has issued its second Eurobond worth $500 million at a yield of 7.5 percent.
The 10-year dollar bonds were sold in international financial markets through Deutsche Bank, HSBC and JP Morgan late on Thursday.
Neither Prime Minister Hovik Abrahamian’s office nor the Armenian Finance Ministry issued any statements on the development on Friday. The ministry promised to comment on Monday.
Abrahamian’s cabinet approved and announced the upcoming Eurobond issue on January 30. It cited the need to finance Armenia’s budget deficit and “neutralize” the Russian recession’s spillover effects on the Armenian economy. Deputy Prime Minister Vache Gabrielian said it is now “extremely important to ensure inflows of hard currency” into the country.
The Armenian budget for this year projects a deficit of roughly $250 million. “It’s not clear what the rest of the [proceeds from the latest Eurobond sale] will be spent on,” Ara Galoyan, an independent economic analyst, told RFE/RL’s Armenian service (Azatutyun.am).
Other analysts have suggested that the money could also be used for shoring up the national currency, the dram, and offsetting a possible shortfall in tax revenue resulting from slowing economic growth in Armenia.
In its 2015 budget, the government forecast a growth rate of just over 4 percent. The International Monetary Fund and the World Bank consider this projection overly optimistic given Armenia’s economic dependence on Russia.
“The Wall Street Journal” reported last week that the authorities in Yerevan will use the Eurobond proceeds to buy back up to $200 million of their previous dollar bond issue carried out in September 2013. The authorities raised $700 million at a yield of 6.25 percent at the time.
The higher cost of the latest borrowing reflects recent downward revisions by the Moody’s and Fitch agencies of Armenia’s credit ratings. Both agencies singled out a sharp drop in the dollar value of remittances from Armenians working in Russia. Those cash inflows account for more than 10 percent of Armenia’s Gross Domestic Product.
Moody’s said on January 15 that the economic situation in Russia is also the reason why it changed Armenia’s economic outlook to “negative” from “stable.” It cited “the risk that the impact of Russia's economic downturn on Armenia's economy will be more significant than currently expected.”
“Armenia is highly exposed to the severe economic downturn in Russia, which will weigh heavily on Armenia's balance of payment and growth prospects,” Fitch said for its part on January 30. Even so, it said the outlook for the South Caucasus country remains “stable” for now.
More fall out from the Russian Crisis
Not Good.... Undoing the work from 2011-13 in reducing debtComment
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