Transparency of economy will ensure rapid development of capital market in Armenia - AMX CEO

YEREVAN, June 12. /ARKA/. Hayk Yeganyan , the CEO of the Armenian Securities Exchange (AMX), told ARKA news agency about the prerequisites and obstacles for development of capital market.

According to Yeganyan, if economy and business become more transparent, the capital market will develop more rapidly.

"We should trust the companies we give money to. The more transparent economy becomes, the faster capital market will develop," he said.

Yeganyan also pointed out the importance of brokers' involvement and the degree of their development, since the market depends on them.

The issue of increasing transparency, according to him, depends on the government, in particular, on the Tax Code and tax policy.

The Armenian Stock Exchange is the only regulating operator of the securities market in Armenia. AMX offers listing, trading, clearing and information services, as well as alternative exchange solutions.

The exchange settlements are performed by the Central Depository of Armenia, which is 100% owned by AMX.

On May 24, 2022, the Board of the Central Bank of Armenia approved the purchase of AMX by the Warsaw Stock Exchange (WFB). On June 28 of the same year, Armenian Central Bank Chairman Martin Galstyan and WFB Board Chairman Marek Dietl signed an agreement on sale of controlling stake in AMX.

WFB acquired 65.03% of AMX (967 shares), the Central Bank of Armenia holds 25.02% and the remaining 9.95% are AMX's own shares. The cost of the deal is about AMD 873 million (about $2.2 million). -0-