Economy

EBRD hails Armenian authorities’ bailout policy

YEREVAN, November 26. /ARKA/. Olivier Descamps, EBRD Business Group Director in South Eastern Europe, Central Asia and the Caucasus, met with Armenian Prime Minister Tigran Sargsyan in Yerevan on Tuesday, the press office of Armenian government reports.

He gave a high mark to Armenian government’s efforts to ward off the crisis and welcomed its bailout policy.

Descamps also hailed the premier’s speech in National Assembly.

He said that the EBRD intends to invest $150 million in Armenia this year hitting the historical record and added that the bank is interested in establishment of pension and insurance funds.

Descamps said EBRD would keep supporting small and medium entrepreneurs in their efforts to save energy.

The premier and the EBRD business group director also spoke about the bank’s probable participation in creation of a free economic zone in the areas adjacent to Yerevan’s Zvartnots Airport.

Prospects for construction of North-South transport corridor were discussed at the meeting as well. M.V.-0---

 

26/11/2009 09:18


Read also in this part

3.7% inflation recorded in Armenia in 4th Q 2009

Minister: Armenia aims at reducing greenhouse gases in atmosphere

ArCa: Global recession has no major impact on card business in Armenia

National seminar of leadership skills development will take place in Armenia from February 5-7

Cascade insurance company closes last year with 66.6 million drams of net profits

Finance minister: Armenia’s off-budget funds total amd 15 billion

Armenian nominal median wages in 2009 December rise by 9.5% to $347

In january-december 2009 unemployment level was 6.9% in Armenia

Armenian industrial sales drop by 10 % last year to 667.2 billion

Armenia’s GDP contracts by 14.4% in 2009: Statistics

Development slowdown is the only impact of global recession on NASDAQ OMX Armenia

Garbage removal concept approved by Armenian government

Program of accommodation of young families launched in Armenia

Some of Armenian exchange markets see growth in 2009: NASDAQ OMX Armenia CEO

General director: Crisis did not affect activities of Ameriabank


Market USD exchange rates
Market EUR exchange rates
Market exchange rates 08/02/2010
Currency Symbol Unit Rate Changes
USA Dollar USD 1 378.25 0.13
Euro EUR 1 518.16 1.27
Russian Rоublе RUR 1 12.41 0.01

Favorable еxchange rates of banks 08/02/2010
Currency Buy Sell
USD 377.5
"VTB Bank (Armenia)"
ACBA-CREDIT AGRICOLE BANK
 378
BTA Bank
Euro 514
ACBA-CREDIT AGRICOLE BANK
Ameriabank
 518
BTA Bank
RUR 12.2
BTA Bank
Cascade Bank
HSBC Bank Armenia
Prometey Bank
 12.4
Armeconombank
ProCreditBank

Macroeconomics
Indicator Term Figures
economic growth,% 2009-11 84
GBP, billion AMD 2009-11 2786.7
inflation, % 2009-12 106.5
Budget deficit (proficit), bln AMD 2009-11 114.9
trade deficit, mln USD 2009-11 -2322.8
foreign trade turnover, mln USD 2009-11 3570.9
foreign trade turnover, % 2009-11 71.5
Gross External Reserves, mln. USD 2009-11 2115.89
Monetary base, billion AMD 2009-11 464.5
Money supply, billion AMD 2009-11 775.6

Financial market
Indicator Term Figures
Anual interests on loans
Legal entities in AMD 2009-12 14.8
Legal entities in USD 2009-12 12.5
Individuals in AMD 2009-12 21.5
Individuals in USD 2009-12 17.9
Anual interests on deposits
Legal entities in AMD 2009-12 7.5
Legal entities in USD 2009-12 6.9
Individuals in AMD 2009-12 9.1
Individuals in USD 2009-12 5.5
Annual profitability
state stock of CBA, % 2008-08 8
fiscal stock of Armenia, % 2009-12 8.9

The percents of the CBA
Indicator Term Figures
Banking rate 2010-01 13
Repo 2010-01 5.5
Credit 2010-01 8.5
Depo 2010-01 2.5



...