Thu, 4 September
23.1 C
Yerevan
USD: 384.03 RUB: 4.80 EUR: 443.29 GEL: 142.29 GBP: 510.11

Central bank negotiates sale of its share in Panarmenian bank

YEREVAN, May 25. / ARKA /. Armenian Central Bank governor Artur Javadyan said today the government is negotiating the sale of its share in the Panarmenian Bank with potential investors. Speaking at a parliamentary discussion of 2014 state budget performance, Javadyan said the Panarmenian Bank actually failed to implement its original goals, largely because of crisis phenomena.

“We expected the bank’s capital to grow to $100 million because of preliminary agreements with various representatives of the Armenian Diaspora, who were willing to invest in the bank, but for various reasons they did not do so,’ said Javadyan.

He said attraction of private investors will allow using a variety of tools, including Diaspora bonds which will not increase the level of public debt.

The Panarmenian Bank is a development bank founded as a joint stock company. It was granted license in June 2011 and was officially opened on September 7. Its activities are regulated by the Central Bank of Armenia.

Its aim is to finance medium-sized private enterprises producing goods for export. To date, its only shareholder is the Central Bank of Armenia. Its authorized capital is 7.5 billion drams. ($ 1 – 478.32 drams).  -0-

spot_img

POPULAR

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Cryptocurrency in Armenia: Stringent Regulations and Elevated Expectations

The future of cryptocurrencies in Armenia was a topic of discussion among participants at the Armenian Cryptocurrency Assets Forum, which recently took place in Yerevan.

Measures to encourage cashless transactions discussed in Armenia

The Armenian government, chaired by Prime Minister Nikol Pashinyan, convened a meeting yesterday to deliberate on initiatives aimed at promoting cashless transactions, the government press service reported.

ArCa payment system reinstated

The Armenian Card (ArCa) payment system has been completely reinstated, according to a report from the company's press service.

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

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

LATEST NEWS

spot_imgspot_imgspot_img