YEREVAN, June 28. / ARKA /. The total amount of transactions affected at NASDAQ OMX Armenia stock exchange amounted to more than 1 billion drams by late April having increased seven-fold over the same period last year, stock exchange CEO Konstantin Saroyan said today.
“The year of 2013 has been quite successful in terms of capital market development. By the end of April we had made more than one billion drams worth transaction with corporate bonds, which was twice the amount of last year, «he said, adding that this trend is going to result in a number of fresh issuance of bonds.
He said another factor prompting this trend is the imminent introduction of mandatory funded pension system from January 1, 2014. “We expect increased activity in this area in connection with the introduction of new trading systems and mechanisms for final settlements, ” he said.
The pension system reformation started in Armenia on January 1, 2011 with introduction of a voluntary funded pension system. On January 1, 2014, the funded pension system will become obligatory for all those born after January 1, 1974.
According to NASDAQ OMX Armenia estimates, the new pension system will bring around $150 million to Armenia’s financial system annually. ($1- 409.60 drams). -0-
