Tue, 10 June
21.1 C
Yerevan
USD: 384.44 RUB: 4.83 EUR: 434.11 GEL: 140.51 GBP: 515.15

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

Euro and ruble exchange rates to the Armenian dram fell, the dollar rose

The average market exchange rate of the US dollar to the Armenian dram, formed on the Armenian currency market as of June 6, 2025, increased by 0.06 points compared to June 5 and amounted to 383.46 drams.

Mechanism to stimulate cashless payments to be developed in Armenia

On Friday, the Armenian government held a meeting on issues related to stimulating cashless payments in the country.

Acba Bank contributed to the construction of a modern sports ground in Goris

In the “Haghtanak” park of Goris, a sports ground that meets modern standards was built in cooperation with Acba Bank, the Hayastan All-Armenian Fund and the Goris City Hall, the bank’s press service reported.

Acba Bank and NABU launch free 2025 program for organic agriculture development

Acba Bank and the Armenian branch of the German "Nature and Biodiversity Conservation Union" (NABU) are launching a free 2025 Organic Agriculture Development Program, the bank's press service reported.

Dollar and euro exchange rates to the Armenian dram fell again, while the ruble rose

The average market exchange rate of the US dollar to the Armenian dram, formed on the Armenian currency market as of June 4, 2025, fell again by 0.1 points compared to June 3 and amounted to 383.76 drams.

LATEST NEWS

spot_imgspot_imgspot_img