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Monthly Archives: July, 2014

No international rating agency revised Russian Gazprombank’s rating

Banks
Fitch Ratings, Moody’s and Standard&Poor’s have not revised their ratings of one of the largest Russian banks, Gazprombank, which is the sole shareholder of its Armenian subsidiary Areximbank-Gazprombank Group

Armenia’s international gross reserves in June drop by 5 percent

Economy
Armenia’s international gross reserves in June 2014 stood at $1.774.5 billion, a decrease of 4.9 percent from the previous month, the Central Bank said today. The bulk of the reserves were in convertible currency ($1 774.1 billion)

Armenia’s monetary base shrinks 5.3% to about AMD 713.3 billion in June 2014

Economy
Armenia’s monetary base shrank 5.3% in June 2014, compared with the previous month, to about AMD 713.3 billion, National Statistical Service reports referring to the central bank’s preliminary figures

Overdue loans at Armenia’s commercial banks shrink 7.8% to AMD 25.6 billion in June

Banks
Overdue loans at Armenia’s commercial banks totaled AMD 25.6 billion in late June after shrinking 7.8% over the month and made up 1.37% of their aggregate loan portfolio, National Statistical Service reports

Fed cuts monthly bond buying by $10 billion: Reuters

Capital market
Federal Reserve on Wednesday upgraded its assessment of the US economy, taking note of a decline in the jobless rate and signaling more comfort that inflation was moving up toward its target

Market value of USD drops by 0.05 percentage point to 406.07 drams

Exchange market
The average weighted market value of the USD has dropped today by 0.05 percentage point against Armenian national currency from July 29 to 406.07 drams, the Central Bank reported

New U.S. sanctions against Russia will not affect the operation of VTB Bank (Armenia) – statement

News
VTB Bank (Armenia), a subsidiary of Russia’s second largest bank, VTB, said on Monday that the new Western sanctions targeting major sectors of the Russian economy, including VTB Bank, will have no impact on its customers

USD value drops by 0.05 p.p. to 406.57 drams

Exchange market
The average market value of USD against Armenia’s national currency has dropped today by 0.05 percentage points from July 25 to 406.57 drams, the Central Bank reported

Six Armenia-based insurance companies among 1000 largest corporate taxpayers in quarter two

Insurance
Six of the seven Armenia-based insurance companies were among the 1000 largest corporate taxpayers in the second quarter of 2014, having paid a total of 1.2 billion drams in various taxes

Dollar-dram exchange transactions totaling $18.84 million made at NASDAQ OMX Armenia last week

Capital market
Dollar-dram exchange transactions made at NASDAQ OMX Armenia stock exchange over a period between July 21 and 25 totaled $18.84 million ($1= 406.66 drams, on average) against $21.2 million a week before

$84.9 million bough by banks last week at Armenia’s intra-bank forex market

Banks
Commercial banks bought $84.9 million at 406.06 drams per one dollar over a period between July 21 and 25 at Armenia’s intra-bank forex market, the press office of the Central Bank of Armenia reports

Market value of USD drops by 0.04 percentage point to 406.52 drams

Capital market
The average market value of USD against Armenia’s national currency has dropped today by 0.04 percentage point from July 24 to 406.52 drams, the central bank reported
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Strong demand for mortgages and consumer loans keep interest rates high – Central Bank of Armenia

One of the phenomena faced by the Central Bank of Armenia is the huge demand for loan products, the regulator's head Martin Galstyan said at a press conference on Tuesday.

Armenia’s inflation in 2025 may approach lower threshold of target – Central Bank

The inflation target in Armenia for the current year is set at 3%, and by the end of 2025 it will most likely approach the lower limit, Central Bank Chairman Martin Galstyan said at a press conference on Tuesday.

Draft law on regulating crypto assets will soon be submitted to Armenian government

The draft law developed by the Central Bank of Armenia to regulate crypto assets will soon be submitted to the Armenian government for approval and then sent to parliament, the regulator's chairman Martin Galstyan said at a press conference today.

Record growth of Armenian banks’ profits will allow reaching planned level of economic activity in 2025 – Galstyan

Armenia's banks have reported record profit growth in 2024, Central Bank Chairman Martin Galstyan said today.

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