Energy

Construction of Meghri hydropower plant may kick off in early 2010: minister

YEREVAN, November 18, /ARKA/. In interview with Russian RIA Novosti news agency Armenian Energy and Natural Resources Minister Armen Movsisyan said construction of a hydro power plant near the town of Meghri, on the River of Arax, separating Armenia from Iran, could be started in early 2010.

He said the final documents to this end are expected to be signed later this year during a recurrent meeting of Armenian-Iranian intergovernmental commission on economic cooperation.

In 2007 Armenia and Iran agreed to build two hydropower plants on the border river of Arax each with 140 megawatt capacity. The cost of the Armenian plant is estimated at $240 million.

On the Armenian side the plant will be near the town of Meghri and on the Iranian side near the town of Karachilar. Each will have the capacity to produce 800 million KWh of power annually.

The minister said construction of the hydropower plant is one of three major energy projects envisaged by an agreement signed by both countries during Armenian president Serzh Sargsyan’s visit to Iran.
According to the minister, construction of the plant will be funded by the Iranian side, while the Armenian side will repay by supplying electrical power to Iran. He said construction of the plant, originally planned for mid 2009, was postponed because of the political situation in Iran following its presidential election.

The projected capacity of the hydropower plant is 130-140 megawatt which will allow to produce annually about 850 million kWh electricity.-0-

18/11/2009 16:27



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 09/02/2010
Currency Buy Sell
USD 378
"VTB Bank (Armenia)"
Unibank
“ArmSwissBank”
379.5
Cascade Bank
Euro 516
“ArmSwissBank”
522
ACBA-CREDIT AGRICOLE BANK
Ameriabank
Araratbank
BTA Bank
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RUR 12.25
BTA Bank
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“ArmSwissBank”
12.45
Ameriabank
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



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