Thu, 18 September
16.1 C
Yerevan
USD: 382.94 RUB: 4.61 EUR: 453.25 GEL: 141.01 GBP: 522.45

BSECO: Armenia successfully withstands consequences of global financial and economic crisis

YEREVAN, June 21. /ARKA/. Armenia has successfully withstood the consequences of the global financial and economic crisis, the Black Sea Economic Cooperation Organization (BSECO) President Andrey Kondakov said Thursday at a news conference in Yerevan.

“We think Armenia successfully handles global challenges,” he said. “In 2009, Armenia faced the least, 14-percent decline, among BSECO member countries.”

Kondakov said that Armenia’s economy is on the recovery track today. He said the country’s economy is showing a stable growth, and its foreign debt is quite controllable.

The BSECO president said that business environment has improved a great deal in Armenia. He said the country has also reached considerable success in Doing Business ranking, compared with other BSECO countries.

Kondakov considers the latest forecasts of the World Bank and the International Monetary Fund, who, taking into account possible adverse impacts of things in Europe and Russia on Armenia’s economy, have lowered their outlooks for the country’s economic growth by 0.2%, as a slight decrease.

“We are positive about things in Armenia’s economy and are ready to enlarge our financing,” he said.

The Black Sea Economic Cooperation Organization has financed 12 projects in Armenia since 1999 by providing €50 million to the country and intends to double this figure before 2015.

The Black Sea Trade and Development Bank is an international financial organization established for supporting BSECO member countries’ development and cooperation among them.

The objectives of the bank are the development of trade relations in the region, facilitating the implementation of international projects, the promotion of foreign investment, providing guarantees for the development of trade and economic relations both at the state level as well as in private business.

Armenia’s share in the bank’s portfolio is 3.6% and that in the bank’s capital is 1%. -0—

spot_img

POPULAR

3.6% inflation registered in Armenia in August

n the consumer market of Armenia, 12-month inflation in August of this year amounted to 3.6%, according to the report of the National Statistical Committee (NSC) of Armenia.

Ranking of Armenia’s most profitable banks in 2024

ARKA news agency has released a ranking of the most profitable commercial banks in Armenia in 2024.

Ranking of the most profitable banks in Armenia based on results of second quarter of 2025

ARKA news agency publishes the ranking of the most profitable commercial banks in Armenia based on the results of the second quarter of 2025.

The UAE instead of Europe : why Armenia needs to change its approach to crypto regulation – EXCLUSIVE

The Armenian Forum on Cryptocurrency Assets, organized by the Cilicia Business Club, was recently conducted in Yerevan.

Central Bank of Armenia initiates discussions on draft by-laws related to Law on Cryptoassets

The Central Bank of Armenia is set to conduct a public discussion on  the draft by-laws essential for implementing the Law on Cryptoassets, which became effective on July 4 of this year, as reported by the regulator's press service.

LATEST NEWS

spot_imgspot_imgspot_img