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  • Archive for December, 2020

    Armenian central bank makes interventions in forex market and intends to intervene again

    Wednesday, December 16th, 2020

    The Central Bank of Armenia has already intervened in the foreign exchange market in the amount of $ 60 million and will perform operations again, Chairman of the Central Bank of Armenia Martin Galstyan said Tuesday at a press conference

    Armenian inflation in 2020 will not exceed projected target

    Tuesday, December 15th, 2020

    Armenia’s Central Bank has decided today to raise the refinancing rate by 1.0 percentage point, setting it at 5.25%

    Armenia’s central bank rises refinancing rate by 0.1%

    Tuesday, December 15th, 2020

    At a meeting on December 15, the Board of the Central Bank of Armenia decided to raise the refinancing rate by 1.0 percentage points, setting it at 5.25%, the press service of the regulator reported on Tuesday

    Armenia’s budget deficit in 2021 may be less than projected

    Tuesday, December 15th, 2020

    Armenia’s budget deficit will be about 300 billion drams in 2021, however, it may be less than projected, Armenian Economy Minister Vahan Kerobyan said yesterday in an interview with Azatutyun Radio

    This is not disaster – Armenian economy minister comments on national currency devaluation

    Tuesday, December 15th, 2020

    Armenian Economy Minister Vahan Kerobyan, in an interview with Azatutyun Radio, suggested not to consider the devaluation of the dram as a catastrophe, but instead to take into account things in neighboring countries

    IMF: Armenia's Central Bank should stand ready to adjust its monetary policy stance

    Monday, December 14th, 2020

    “Armenia’s monetary policy has rightly been accommodative, supporting the economy and keeping the banking sector liquid. Inflation remains low, with the exchange rate relatively stable over much of this year,’ Tao Zhang, Deputy Managing Director and Acting Chair, said after the IMF Executive Board completed the third review of Armenia’s performance under the program supported by the Stand-By Arrangement (SBA)

    Mutual trade among EEU member countries gores to $62 billion

    Friday, December 11th, 2020

    The mutual trade of the countries comprising the Eurasian Economic Union (EEU) has grown by 35% over the last 5 years to $62 billion, up from $46 billion in 2015, the honorary chairman of the Supreme Eurasian Economic Council, the first president of Kazakhstan, Nursultan Nazarbayev, said today

    Unibank raises interest rate on deposit "Classic" up to 10.25%

    Friday, December 11th, 2020

    Unibank said it has raised the interest rate on the deposit “Classic” in AMD up to 10.25%. According to a bank’s press release, clients can deposit funds for up to 730 days with income payment on a monthly basis or at the end of the deposit term

    Armenian dram keeps on losing its value

    Friday, December 11th, 2020

    The Armenian dram continues to devalue and the economic situation is difficult, Edgar Karapetyan, director for strategy and innovation at Galaxy Group of Companies, wrote on his Facebook page. He said the US dollar is already trading at 520-525 drams

    Central Bank collecting data to assess losses suffered by Armenian businesses after some settlements in Karabakh were handed over to Azerbaijan

    Thursday, December 10th, 2020

    Armenia’s Central Bank is collecting data to assess the losses suffered by Armenian business people who invested money in some settlements in Nagorno-Karabakh which were handed over to Azerbaijan after the November 9 statement on cessation of hostilities, signed by the leaders of Armenia, Russia and Azerbaijan, a Central Bank Board member David Nahapetyan, told the parliament today