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Armenia's foreign trade in January-May slashes by 49% to $7.9 billion.
... $7,912.4 million, which is 49% lower than in January-May 2024, the National Statistical Committee reported. At the same time, in May of this year, compared to May last year, this figure was down 28.8%, and compared to April 2025 it was down 14.8%. In dram equivalent the foreign trade amounted to 3,107.0 billion drams. Exports from Armenia decreased by 57.4% compared to the same period in 2024, amounting to $3,021.2 million. In May, a 39.3% decline was recorded compared to May last year, and a 19% ...
06/26/2025VTB (Armenia) launched a new service for money transfers to “Mir” cards of all Russian banks
... to make cross-border transfer services as accessible and convenient as possible for our clients. The volume of transfers to Russia in a quarter increased by 39% compared to the same period last year, which confirms the demand for the service. We have ... ..., he can order it for free directly on the page. The card is multicurrency, which allows you to make transfers from both the dram balance and ruble accounts. The activities of VTB Bank (Armenia) CJSC are regulated by the Central Bank of the Republic of ...
06/17/2025Armenia's foreign trade turnover in January-April decreased by 52.9%, amounting to $6.3 billion.
... Committee of reports. At the same time, in April of this year, compared to April last year, this figure decreased by 50.1%, and compared to March of the same year, it increased by 4.5%. For the four months of 2025, the volume of foreign trade turnover in dram equivalent amounted to 2,474.3 billion drams. Exports from Armenia in January-April 2025 decreased by 60.4% compared to the same period in 2024, amounting to $2,420.4 million. In April, compared to April last year, a decline of 57.3% was recorded,...
05/26/2025Construction volume in Armenia increased by 13.6% in Q1 to AMD 77.6 bln
... reporting period amounted to AMD 11,044.8 million, or 14.3% of the total volume of construction work (an increase of 42.2% compared to the first quarter of 2024). The volume of construction works at the expense of community funds amounted to 2,068.4 million drams (share 2.7%, decline - 24.8%), at the expense of humanitarian aid - 169.3 million drams (share - 0.2%, decline - 75.7%), at the expense of organizations - 41,535.2 million drams (share - 53.5%, growth - 14.5%), at the expense of the population - ...
05/12/2025Economist comments on Pashinyan's statement about “43% economic growth after 2018”
... Mikayelyan explained that factors like inflation, economic growth, and improved administration contributed to this budget increase. However, he emphasized that the government's role in this growth is limited. The rise in the exchange rate of the Armenian dram due to the ongoing Russian-Ukrainian conflict, along with inflation and better administrative practices, accounted for an annual increase of around 400 million AMD. Essentially, he argued that the actual budget growth is approximately ten times less than what Pashinyan ...
04/29/2025Armenia's foreign trade turnover in January-March decreased by 54.2%, to $4.5 billion.
... Committee reports. At the same time, in March of this year, compared to March last year, this figure decreased by 31.8%, and compared to February of the same year, it increased by 21.4%. For the first quarter of 2025, the volume of foreign trade turnover in dram equivalent amounted to 1,771.6 billion drams. Exports from Armenia in January-March 2025 decreased by 61.8% compared to the same period in 2024, amounting to $1,699.8 million. In March, compared to March last year, a decline of 65.4% was recorded,...
04/25/2025Economist raises concerns over Armenian export competitiveness amid inflated USD/AMD exchange rate (video)
... competitiveness, attributing the bulk of current challenges to the high exchange rate of the national currency dram. However, he believes this rate won't remain elevated indefinitely. Mikayelyan explained that once the conflict in Ukraine resolves or sanctions on Russia are lifted, the dram's value is expected to decline naturally. He criticized the Central Bank of Armenia for permitting the dram's revaluation, suggesting that if 'we isolate exports of domestically produced goods, there has been insufficient growth in recent years,' ...
04/13/2025Armenia's foreign trade turnover in January-February decreased by 52%, to $2.8 billion.
... reports. At the same time, in February of this year, compared to February of last year, this figure decreased by 61%, and compared to January of the same year, it decreased by 3.4%. For the first two months of 2025, the volume of foreign trade turnover in dram equivalent amounted to 1,105.9 billion drams. Exports from Armenia in January-February 2025 decreased by 59.7% compared to the same period in 2024, totaling $1,041.0 million. In February, exports declined by 67.7% year-on-year, but showed a 2.9% ...
03/25/2025Armenia's foreign trade turnover in January 2024 decreased by 40% to $2.1 billion
... million, which is 40% lower than the figure for January 2024, reports the National Statistical Committee. Meanwhile, compared to December of the previous year, this figure decreased by 27.1%. In January 2025, the volume of foreign trade turnover in dram equivalent amounted to 548.1 billion drams. Exports from Armenia in January 2025, compared to the same month in 2024, decreased by 49.2%, amounting to $482.2 million. Month-on-month, compared to December, exports declined by 36.3%. In dram equivalent,...
02/25/2025Reconstruction of Yerevan's cascade complex to receive 20.4 billion dram investment - Mayor's Office
About 20.4 billion drams are planned to be invested in the reconstruction of the Cascade complex in Yerevan, said Sona Tevanyan, adviser to the mayor of the capital. YEREVAN, February 24. /ARKA/. About 20.4 billion drams are planned to be invested in the reconstruction ...
02/24/2025Volume of taxes and state duties collected in Armenia in January amounted to 232.8 billion with an increase of 31.1%
In January 2025, Armenia's State Revenue Committee collected 232.8 billion drams in tax revenues and state duties, which is 55.2 billion drams more than in the same period last year. YEREVAN, February 20. /ARKA/. In January 2025, Armenia's State Revenue Committee collected 232.8 billion drams in tax revenues and state duties,...
02/20/2025Ameriabank dominates Armenia's car loan market with a 50% share
Ameriabank is the leading institution in the banking system, holding a market share of over 50% in dram car loans as of the end of last year, according to the bank's press service. YEREVAN, February 14. /ARKA/. Ameriabank is the leading institution in the banking system, holding a market share of over 50% in dram car loans as of the end of last year,...
02/14/2025EFSD review: Armenia's economy slows down significantly, 2025-2027 forecast is 5%
... reduction in the contribution of "conjunctural factors," such as re-export volumes and the influx of tourists from Russia. "Although the country's economy has emerged from deflation, price growth remains low: by the end of 2024, the inflation ... ... target range (4.0±1.5%). The deterioration in the balance of services led to an increase in the current account deficit. The dram exchange rate remains overvalued," the EFSD's regional economic review for "Winter 2024–2025" states. According ...
02/13/2025Yerevan Council of Elders approves new benefits and extension of public transport packages
... has approved today new benefits and extension of the validity period of public transport packages at Tuesday's session with 33 votes in favor and 17 against. One-day and one-week packages have been made unlimited. Also, the validity period of a 300 dram ticket for 3 trips was extended from 90 to 180 minutes. The validity term of a 10-trip package has been increased from 30 days to 45 days. Pensioners and beneficiaries of allowances who are not registered in Yerevan will also enjoy discounts. Children ...
02/11/2025Yerevan mayor says there will be no “return to 100 dram” public transport fares
There will be no return to 100-dram fare in Yerevan public transport; it is impossible, Yerevan Mayor Tigran Avinyan said on Monday. YEREVAN, February 3. /ARKA/. There will be no return to 100-dram fare in Yerevan public transport; it is impossible, Yerevan Mayor Tigran Avinyan ...
02/03/2025Yerevan residents continue boycott of new public transport fares
... YEREVAN, February 3. /ARKA/. Some Yerevan residents continued today to boycott the increase in public transport fares, which has been in effect for the third day. A correspondent for the Novosti-Armenia news agency witnessed some passengers placing 100-dram coins on the panel next to the driver, some paying with a bank card or through an app, and some getting on board without paying. “Not only bus fares have gone up, but also the metro fares. Has the metro been expanded? Maybe they bought new trains?...
02/03/2025Armenia's foreign trade surged by 41.5% in 2024 to over $30 billion
... 2023, the National Statistical Committee reported. Meanwhile, in December of last year, compared to December of the previous year, this figure was down 37.3%, and compared to November 2024 - by 4.4%. In 2024. The volume of foreign trade turnover in dram equivalent amounted to over 11.8 trillion. Armenian exports in January-December 2024 surged by 53.1% compared to the same period in 2023, amounting to about $13.1 billion. In December, exports slashed by 48.6% over the year, and by 1.3% over the ...
01/31/2025Armenia to raise fines for large companies for inappropriate financial reporting
... report or not in full, and 38% did not publish them at all. According to Poghosyan, this is due to the fact that the amount of the fine is significantly lower than the cost of the audit. Thus, in the case of the first violation, a fine of 50 thousand drams is issued, and in case of failure to correct the identified errors within 30 days - 500 thousand drams, that is, a total of 550 thousand drams. At the same time, the average cost of an audit is approximately 6 million drams. In connection with these ...
01/22/2025Transactions up to 300,000 drams not subject to declaration – Head of Armenia’s SRC
Transactions up to 300,000 drams are not subject to declaration, said Eduard Hakobyan, head of Armenia's State Revenue Committee, during an interview on Public Television of Armenia. YEREVAN, January 22. /ARKA/. Transactions up to 300,000 drams are not subject to declaration,...
01/22/2025Speaker of the NA justifies Yerevan's public transport fare increase
... of the National Assembly of Armenia, Alen Simonyan, thinks that the increase in public transport prices in Yerevan is justified. "Why isn't there a movement to make public transport free? Let's face it – the price of transport can't remain 100 drams forever. The fight I led (against the 50 dram fare increase in 2012 – ed.) was against smoking drivers and 'GAZ buses of despair' without air conditioning. Paying 100 drams for a bus with Wi-Fi, air conditioning, and a driver in a white shirt,...
01/21/2025Electric Networks of Armenia issued bonds for $20 million and AMD 7.7 billion
Electric Networks of Armenia (ENA) CJSC has issued bonds totaling $20 million and 7.7 billion drams, according to the company's press service. YEREVAN, January 15. /ARKA/. Electric Networks of Armenia (ENA) CJSC has issued bonds totaling $20 million and 7.7 billion drams, according to the company's press service. "Electric Networks of Armenia" ...
01/15/2025Yerevan vice mayor explains QR code validity cut to 4 days
... the Deputy Mayor added. Grigoryan mentioned that it will be clear tomorrow where and when Yerevan residents will be able to purchase transport cards. He also reminded that starting February 1, 2025, the fare for public transport will no longer be 100 drams. About the Unified Ticket System Since January 1, a unified ticket system has been introduced in Yerevan, meaning cash payments are no longer accepted on buses, trolleybuses, and the metro. Several payment options are now available: paper single-use ...
01/09/2025Validity of QR codes for Yerevan public transport reduced
... unexpectedly been reduced without prior notice. YEREVAN, January 7. /ARKA/. Yerevan residents are expressing frustration as the validity period of QR codes for public transport has unexpectedly been reduced without prior notice. Previously, a 100-dram ticket for one trip, obtained from TelCell terminals, was valid for 30 days. This period was later shortened to 7 days, and the city authorities informed residents about the change in advance. However, since January 6, the QR code for the 100-dram ...
01/07/2025Armenia's foreign trade turnover jumps 54% to $28.2 billion
... National Statistical Committee of Armenia reports. However, in November 2024, compared to November 2023, this figure decreased by 27.4%, and compared to October 2024, it decreased by 15.6%. For the eleven months of 2024, the foreign trade turnover in dram equivalent amounted to 11,092.4 billion drams. Exports from Armenia in January-November 2024 increased by 73.9% compared to the same period in 2023, totaling $12,307.8 million. In November, exports decreased by 35% year-on-year and by 19.6% month-on-month....
12/25/2024Yerevan City Hall launches new website for easy travel ticket purchases
... ticketing tools will also be introduced. In January, we must ensure a full transition, moving from the old model to the new one," the mayor added. About the Unified Ticket System Currently in Yerevan, a single trip on the bus and metro costs 100 drams, while a trip on the trolleybus costs 50 drams. Since November 1, payment for travel is only possible with 100-dram coins or through payment terminals, and from the end of November, bank cards are also accepted. According to the City Hall project,...
12/23/2024Yerevan Municipality proposes to maintain fares for single trips on buses and metro until February 1
The Yerevan Municipality proposed to maintain the cost of one trip on buses and the metro at current 100 drams, on trolleybuses - at 50 drams until February 1, 2025, the press secretary of the Municipality Hayk Kostanyan revealed in a Facebook post, recalling the complete transition to a single ticket system in public transport from January 1. YEREVAN,...
12/20/2024Two Gyumri residents detained while trying to pay with counterfeit banknote: one was posing as a woman
... local residents who tried to pay for a taxi with counterfeit banknotes. According to the police, a 20-year-old girl and an 18-year-old boy were caught red-handed on December 17 when they tried to pay for a purchase at a kiosk with a counterfeit 5,000 dram banknote. At the time of the arrest, the young man was wearing a woman's dress and a wig; an investigation is underway. Earlier, on November 9, a local taxi driver reported to the police that a boy and a girl tried to pay with a counterfeit banknote....
12/20/2024Yerevan's public transport revolution: What passengers can expect in 2025
... checked on buses. If the ticket is not valid, you will be fined. While the exact process is still unclear, discussions are ongoing," Kostanyan said. On the Unified Ticketing System Currently, a single ride on a bus or metro in Yerevan costs 100 drams, while a ride on a trolleybus costs 50 drams. Since November 1, payment for transportation is only accepted in 100-dram coins or through payment terminals, and since the end of November, payments can also be made with bank cards. According to the ...
12/20/2024Yerevan City Hall fires 18 bus drivers involved in the strike
... transport in Yerevan could be described as dire. "Our nerves are on edge; we transport people and are responsible for their well-being. We are instructed (by the mayor's office - ed.) not to allow passengers to board the bus if they do not have a 100-dram coin or a QR code, or, for example, if the validator on the bus is not working or freezes," he noted. According to him, the city authorities kept their promise to review salaries. “We were promised a salary increase—specifically, Avinyan ...
12/03/2024Armenia to grant Iranian company 2 billion dram loan for high-voltage power line completion
The Armenian government will issue a budget loan of 2.07 billion drams to the Iranian company ‘’Sunir’’, which is constructing a 400 kV power transmission line. YEREVAN, November 22. /ARKA/. The Armenian government will issue a budget loan of 2.07 billion drams to the Iranian company ‘’Sunir’’,...
11/22/2024One third of bus passengers in Yerevan have paid their fares using unified ticket system
... the 2.2 million bus passengers in Yerevan used the unified ticket system from 8 to 14 November, Director of Yerevan Bus Company Beglar Kirakosyan said on Monday. Compared to the previous week, the income in this sphere has increased by 7.43 million drams,’ Kirakosyan said at a working meeting in Yerevan Municipality. Since November 1, paying for a ride in MAN, ZhongTong and GazelCity buses is possible only with a 100 dram coin or a QR code. Drivers are forbidden to accept coins from passengers....
11/18/2024Yerevan city hall investigates issues bus passengers face when paying
... City Hall. YEREVAN, November 11. /ARKA/. Issues faced by city bus passengers when paying for their fares were raised, at a meeting at Yerevan City Hall. Since November 1, payment on MAN, ZhongTong, and GazelCity buses is only possible with a 100-dram coin or a QR code (via the app or a paper printout from the terminal). However, there have been numerous complaints about malfunctions with the bus validators and the mobile app, and 100-dram coins have nearly disappeared from circulation (they can ...
11/11/2024Armenia’s domestic trade in 9 months amounts to 4.4 trillion drams with a growth of about 20%
... September of the current year amounted to over 4.4 trillion (in current prices), increasing by 19.5% compared to the same period in 2023, the National Statistical Committee reported. In September 2024 alone, the domestic trade amounted to over 556.1 billion drams, an increase of 13.4% compared to September 2023, and 0.5% compared to August of the same year. Of the total volume, the wholesale trade turnover amounted to over 2.9 trillion drams, the retail trade turnover was over 1.3 trillion drams, and the ...
11/07/2024Share of Yerevan residents paying bus fares with a QR code has significantly increased
... November 2, out of 231.9 thousand, 50.8 thousand (21.9%) did the same; and on November 3, out of 176.6 thousand, 46.1 thousand (26.1%) paid this way. From November 1, payment for travel on MAN, ZhongTong, and GazelCity buses can only be made using 100-dram coins or QR codes (from a mobile app or a paper printout from terminals). -0-
11/04/2024Armenia's tax revenues grew by nearly 7% in January-September- head of State Revenue Committee
In January-September 2024, tax revenues reached 1.767 billion drams, an increase of 112.7 billion drams or 6.8% compared to the same period last year, according to Rustam Badasyan, head of Armenian State Revenue Committee. YEREVAN, November 4. /ARKA/. In January-September 2024, tax revenues reached 1.767 ...
11/04/2024Armenia's foreign trade turnover in January-September soars by 73.5% to $23.7 billion
... 2023, the National Statistical Committee reports. In September 2024 alone, compared to September last year, the country’s foreign trade surged by 22.4%, but compared to August 2024 , it was down 13%. The volume of foreign trade turnover in Armenian dram amounted to over 9.3 trillion. Exports in January-September 2024 more than doubled compared to the same period in 2023, amounting to about $10.6 billion. In September, exports increased by 38.9% year-on-year and decreased by 13.1% month-on-month....
10/25/2024Armenia's foreign trade turnover soars by 95% in January-July 2024
... significant 95% increase compared to the same period in 2023, the National Statistical Committee of Armenia reported on Monday. In July 2024, the foreign trade turnover saw a 35.3% year-on-year increase, although it decreased by 1.9% compared to June 2024. In dram terms, the foreign trade turnover amounted to 8.09 trillion drams for the first seven months of 2024. Armenia's exports surged 2.2 times during January-July 2024, reaching $8.74 billion. However, in July 2024, exports grew by 42.8% year-on-year but ...
08/26/2024New taxi regulations in Armenia to take effect on September 1
... each subsequent month. It was previously reported that taxi operators must also obtain a license to provide passenger transport services. Taxi drivers who fail to obtain the required license and do not pay the state duty will face a fine of 500,000 drams. Another penalty introduced under the new rules is a 200,000 dram fine for each instance of operating without issuing an electronic receipt or violating its usage regulations.
08/20/2024Global recession or just an adjustment: what awaits Armenia amid the "storm" in the world stock markets
... are big, in a negative sense, advances there," Mikayelyan noted. How can Armenia's economy endure? Asked what steps the Armenian government can take to prepare for a possible recession, Mikayelyan said that he would start gradually devaluing the dram, easing monetary policy, allowing a certain increase in inflation, but in return stimulating production and agriculture. "To prevent economic risks caused by geopolitics. And, naturally, normalise relations with Russia - these are the necessary steps that should be taken," the economist believes. As for the construction sector, which, according to Mikayelyan's estimates, has now become risky, more comprehensive studies are needed. "I would consider ...
08/07/2024EDB report highlights economic growth risks for Armenia due to sector concentration
... the global economy and in major trading partner countries. High interest rates in developed countries and structural issues in the Chinese economy could dampen consumer and investment activity, which would impact demand for energy resources and the Russian economy. This scenario could reduce external demand and remittance levels for Armenia, increasing devaluation pressure on the Armenian dram. The EDB further notes that the economic growth driver of 2022–2023 might become a risk factor. Capital and labor resource outflows pose significant threats to the economy and the stability of the national currency. A net outflow of cross-border ...
08/05/2024Landlocked Armenia must make the best use of human resources - ADB head in Armenia (exclusive)
... be aimed at reducing the impact of climate change and helping combat it. D. Lambert - In terms of risks, I would focus on external risks, peace and stability in the region, as well as macroeconomic risks that could affect the Armenian currency, the dram. These are investment risks, but I would like to address climate risks. When we address various projects, we try to envisage measures that would be aimed at combating the increasing temperature. We are trying to make sure that better medical services ...
08/01/2024EDB: Armenian dram grows stronger
... forecast by the Eurasian Development Bank revealed YEREVAN, July 29. /ARKA/. The Armenian dram has grown stronger since the beginning of 2024, a macroeconomic forecast by the Eurasian Development Bank revealed on Monday. Compared to the end of 2023, the dram strengthened against the US dollar by 4.3%, the euro by 6.2%, and the Russian ruble by 4.4% by the end of May. This was primarily driven by high growth rates in the exports of precious metals. However, the appreciation of the national currency is constraining external demand for the export of most goods and services. The ...
07/29/2024Armenia's foreign trade turnover soars in H1 2024
....6-fold increase compared to the same period in 2023, the country’s National Statistical Committee reported on Friday. In June 2024, the foreign trade turnover increased by 2.35 times compared to June 2023 but decreased by 6.7% compared to May 2024. In dram equivalent, the foreign trade turnover for the first six months of 2024 amounted to 7,308.2 billion drams. Export Growth Exports from Armenia in January-June 2024 grew by 2.3 times compared to the same period in 2023, totaling $7,927.6 million. In ...
07/26/2024IMF Executive Board Completes Third Review Under Stand-By Arrangement with Armenia
... with the economy growing by 8.7 percent, supported by robust private consumption, trade, and investment. Inflation declined significantly, reaching -0.7 percent in April year-on-year, mainly due to lower global and domestic prices of key food items, Dram appreciation, and tight financial conditions. The current account deficit remained contained at 2.0 percent of GDP in 2023, supported by strong tourism. The 2023 fiscal deficit at 2 percent of GDP was lower than anticipated due to spending under-execution....
06/19/2024Armenian parliament approves report on execution of 2023 state budget
... approved the report on the execution of the state budget in 2023. The vote was held with the participation of the ruling Civil Contract party. Opposition MPs boycotted the vote. In 2023, Armenia's state budget revenues amounted to over 2.3 trillion drams and expenditures to over 2.5 trillion drams with about 189 billion dram deficit. The economic growth was 8.7%, up from projected 7%. Inflation was 2%, having slowed down significantly compared to the previous year. The unemployment rate decreased ...
06/13/2024Armenia's Central Bank remains conservative on rate cuts, partly due to overheated property market - Freedom Broker Armenia head
... Central Bank's conservatism may be partly due to an overheating property market, but in that case the regulator may tighten credit conditions. "Separately, we still believe that interest rates in the country are high and the exchange rate of the dram is expensive. At a lower exchange rate of the dram, inflation may accelerate due to the high import share, but the growth rate of imports may decline and exports may increase. In fact, the current high exchange rate of dram stimulates the growth ...
06/11/2024Eurasian Development Bank: Armenia’s price dynamics turnaround caused by slowing deflation in food sector
... increased for the first time since last November, the review said. The EDB analysts noted that the key factors for low inflation are the reduction in the cost of imported food amid falling prices on international markets, the strengthening of the Armenian dram exchange rate and the impact of tight monetary conditions. The prices on Armenia’s consumer market grew by 0.3% in May 2024 compared to May 2023 and dropped by 0.8% compared to April 2024. Armenia’s state budget expects the 2024 inflation to ...
06/10/2024Efes Insurance launches two health insurance products in Armenia
... at the time of concluding the insurance contract the policyholder does not have a diagnosis of cancer, but if such a diagnosis is made for the first time after six months (there is no waiting period for subsequent years), they receive 4 to 25 million drams (€10-60 thousand). The monthly insurance premiums start from 2,900 drams,” he said. According to Meliksetyan, it is planned that this product will be available to the general public. “The most important component is the availability of a second ...
05/31/2024Real salary in Armenia grew by 12.4% in 2023 - Pashinyan
In 2023, the average salary in Armenia grew by 14.6% compared to previous year, while real wages increased by 12.4%, Prime Minister Nikol Pashinyan said. YEREVAN, May 29. /ARKA/. In 2023, the average salary in Armenia grew by 14.6% compared to previous year, while real wages increased by 12.4%, Prime Minister Nikol Pashinyan said. He explained that by real wage increase, he means the increase in the amount of the money received by citizens minus inflation. “It is important to note that compared...
05/29/2024WB: Armenia's budget deficit stood at AMD 4.7 billion in March 2024
The Armenian national currency dram appreciated by 2 percent as of mid-May compared to mid-April, partly driven by e strong exports. International reserves fell by USD 100 million in April, bringing the import cover down to 2.6 months, the World Bank says in its latest Armenia monthly ...
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