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Daily Archives: Nov 1, 2023

Artsakh Finance Ministry refutes rumors about confiscation of funds from government accounts by Artsakhbank

Banks
Nagorno-Karabakh finance ministry has denied  today allegations spread through social networks  that Artsakhbank confiscated the funds from the government's treasury accounts for the latter's debts

Armenia to modernize public services delivery with support from World Bank, U. K. Embassy and Yerevan Municipality

Banks
Armenia is taking an important step towards modernizing its public services delivery with the Strengthening Transparency, Accountability, and Access to Public Services through GovTech project launched on October 31, the World Bank said in a press release

Armenia’s financial indicators remain sound, registering marginal changes in capital adequacy and profitability –World Bank

Announces
Financial indicators remained sound, registering marginal changes in capital adequacy and profitability, the World Bank's says in its  'Armenia Monthly Economic Update – October 2023.

WB:  Armenian dram was temporarily impacted by September 19 attack on Nagorno-Karabakh

Exchange market
The AMD was temporarily impacted by the September 19 attack on Nagorno-Karabakh, the subsequent refugee crisis, and general uncertainty, ), according to  the World Bank's  'Armenia Monthly Economic Update – October 2023.' 

Deflation was main factor for slowdown in average inflation in Armenia in August 2023- WB

Economy
The main factor for the slowdown in average inflation was deflation in food prices, which continued in September (yoy), although the pace has been moderating recently, the World Bank said in 'Armenia Monthly Economic Update – October 2023.'

World Bank: money transfer inflows and outflows rise significantly in August compared to July,

Economy
Money transfer inflows and outflows rose significantly in August compared to July, resulting in 52 percent higher net inflows (mom), the World Bank said in 'Armenia Monthly Economic Update – October 2023.'

There is a serious demand for credit products in Armenia – Central Bank head

Banks
In late September 2023 the amount of consumer loans provided to citizens was up almost 19% from late December 2022, said the head of the Central Bank of Armenia Martin Galstyan on Tuesday

Central Bank of Armenia to send legislative initiative on cryptocurrencies to parliament

Exchange market
Later this year or early next year the Central Bank of Armenia is likely to send a legislative initiative on cryptocurrencies to the National Assembly for discussions

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Loans show faster growth than deposits in December – Finance Ministry

Financial intermediation by the Armenian banking system in December 2024 continued to outpace economic activity, also characterized by a higher growth rate of loans compared to deposits, according to the Armenian Ministry of Finance's report titled "Review of Macroeconomic Developments. December 2024." Unlike December 2023, the growth in loan volumes (24.2%) exceeded the growth in deposit volumes (13.9%).

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.

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