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Armenian Minister of Internal Affairs reports 2.2% reduction in crime rate over 11 months
... explained that the work on crime prevention is hindered by the lack of a unified national approach to the issue. “A comprehensive crime prevention strategy would allow us to address these issues in a multi-layered way. Some crimes are connected to changes in the country’s economy and other sectors,” she said, adding that efforts in this direction will intensify in 2025. At the same time, the minister emphasized the need for short-term solutions, as some problems cannot wait for institutional ...
12/27/2024Ardshinbank once again recognized as Private Bank of the Year and Retail Bank of the Year by Global Banking and Finance Awards magazine
... the soundness of our strategic development direction." It is worth noting that the Global Banking and Finance Awards was established in 2011 by the Global Banking & Finance Review magazine, based in the United Kingdom, to recognize significant changes in the global financial community. The awards are presented annually and cover the global financial sector, including banking, corporate finance, Islamic finance, domestic investments, taxes and accounting, asset management, mergers, and acquisitions....
12/26/2024Mandate of OSCE Minsk Group co-chairs on Karabakh settlement no longer relevant: Zakharova
... Maria Zakharova said today. 'The mandate of the OSCE Minsk Group Co-Chairs on the Nagorno-Karabakh settlement approved by the OSCE has lost its relevance. And it all started with the blocking of the work of this format by the West, and then there were changes that occurred on the ground,' Zakharova said at a press briefing in response to a question about a recent statement of the Azerbaijani President that the OSCE Minsk Group should be dissolved. According to her, the Russian side believes that ‘the ...
12/25/2024Armenian Ministry of Internal Affairs withdraws mass video surveillance installation project
... cameras at entrances and other external areas of their facilities. This included banks, credit institutions, pawnshops, pharmacies, currency exchange offices with separate entrances, post offices, educational institutions, and others. Additionally, the changes would apply to retail facilities larger than 100 square meters, fuel stations, catering outlets larger than 50 square meters, and underground parking lots. The second category covered vehicles, with cameras required inside ambulances, buses, and ...
12/24/2024Armenia proposes 7-hour workday; Providing justifications
... 35, while maintaining wages. YEREVAN, December 23. /ARKA/. A proposal has been made in Armenia to reduce the working day to 7 hours (currently 8 hours), and accordingly reduce the weekly working hours from 40 to 35, while maintaining wages. These changes are proposed in the draft law "On Amendments and Additions to the Labor Code of the Republic of Armenia," which has been posted on the legislative initiative website e-draft.am . "International experience and various studies show ...
12/23/2024Pashinyan: Armenia must give up second hand as humanitarian aid
During a government meeting, Armenian Prime Minister Nikol Pashinyan stated that legislative changes must be introduced to stop sending aid in the form of used goods to Armenia. YEREVAN, December 19. /ARKA/. During a government meeting, Armenian Prime Minister Nikol Pashinyan stated that legislative changes must be introduced to stop sending ...
12/19/2024Yerevan mayor to eliminate bus dispatch points
Old bus control points should be dismantled, Yerevan Mayor Tigran Avinyan said on Monday. YEREVAN, December 16. /ARKA/. Old bus control points should be dismantled, Yerevan Mayor Tigran Avinyan said on Monday. "Significant changes will need to be made to the operations of the “Yerevantrans company”. In particular, the old traditional dispatch points must be eliminated, as they no longer serve their purpose," Avinyan said during a working meeting at the city's municipality....
12/16/2024Pashinyan: Changes to turnover tax not aimed against small businesses
Armenian Prime Minister Nikol Pashinyan stated that the changes to the turnover tax, which will come into effect on January 1, 2025, are not intended to put pressure on small businesses. YEREVAN, December 16. /ARKA/. Armenian Prime Minister Nikol Pashinyan stated that the changes to the turnover tax, which ...
12/16/2024Armenian deputy PM talks visa liberalization with EU migration representative
... the European Commission, and Vasilis Maragos, Head of the EU Delegation to Armenia. Grigoryan emphasized the importance of the initiatives carried out within the framework of the EU visa liberalization dialogue. He highlighted the potential positive changes resulting from visa liberalization, as well as the mobility of people and certain sectors of the economy. The Armenian Deputy Prime Minister specifically emphasized the importance of fully implementing the Armenia-EU Comprehensive and Enhanced ...
12/12/2024CSTO was created in a different environment and needs to be adapted to current realities - ex-Armenian Foreign Minister
In the conditions of modern challenges, existing associations and alliances are undergoing changes in order to respond to emerging threats, former Armenian Foreign Minister Ara Ayvazyan said. YEREVAN, 11 December. /ARKA/. In the conditions of modern challenges, existing associations and alliances are undergoing changes in order to respond ...
12/11/2024Head of developers' association expects no drop in Armenia's real estate prices
... in prices. Why? Because the cost of construction is constantly increasing. If the policies being implemented by the state, municipalities, and utility companies continue — including fees for connections, duties, local payments, and the current tax changes — all of this will ensure that the cost of construction does not decrease. Given that production costs remain high, the final price for the consumer will also not change," Grigoryan said. The "Macroeconomic Development Review: October ...
12/10/2024Converse Bank has become an official signatory of the UN Principles for Responsible Banking
... Initiative (UNEP FI). The Principles are the leading framework for ensuring that banks’ strategy and practice align with the vision society has set out for its future in the UN Sustainable Development Goals and the Paris Climate Agreement. Banks who have signed ... ... Principles take on a leadership role, demonstrating how banking products, services and relationships can support and accelerate the changes necessary to achieve shared prosperity for both current and future generations, building a positive future for both people ...
12/09/2024Public transport for the wealthy, creation of control center, and new buses: Avinyan reveals plans for 2025
...," he explained. The mayor also thinks that public transport in Yerevan should be developed to the point where even wealthy residents of the capital would want to use it. "Our main task is to consistently develop public transport and make such changes to our culture that even wealthy people will want to use it. I am confident that in 4-5 years, the quality of public transport in Yerevan will be very high – with dedicated lanes, electric buses, and a unified ticket system," he said in ...
12/04/2024Grigoryan: Shadow turnover of Public Transport in Yerevan is approximately 5 million drams daily
... are, among other reasons, linked to the city administration's efforts to combat shadow earnings. "There are drivers who are part of this shadow sector, and they openly acknowledge the reasons for their dissatisfaction. No one promised that these changes would be easy. We're talking about a loss of approximately 5 million drams per day," he said at the press conference. At the same time, Grigoryan stated that he could not specify how much money “ended up in the pockets” of drivers and ...
12/03/2024Ardshinbank Successfully Completes Acquisition of HSBC Armenia
... HSBC Armenia. Thus, the transaction was officially completed following the successful migration and integration of systems and databases. To integrate HSBC Armenia into the Ardshinbank group, a strategy focused on ensuring a transition with minimal changes was adopted, prioritizing customer convenience above all. After the transition, HSBC Armenia customers will continue to be served at the same branches by the same staff. Guidelines for activating the rebranded bank cards have already been provided ...
11/29/2024Armenian government approves changes to Republic’s national anthem
The Armenian government approved a draft law on changes to the national anthem of the Republic, proposed by members of parliament led by National Assembly Speaker Alen Simonyan, at a meeting on Thursday. YEREVAN, November 28. /ARKA/. The Armenian government approved a draft law on changes to ...
11/28/2024Ruling party ready to make concessions on tax changes in Armenia
... draft law and expressed dissatisfaction that the authorities are ignoring constructive criticism. In response, the deputy chairman of the committee, Babken Tunyan from the ruling Civil Contract faction, noted that between the first and second readings, changes will be made to the draft law taking into account the proposals that were voiced during the discussions. Tunyan noted that there is political will to revisit this issue and reach a mutually acceptable decision. Earlier, deputy finance minister ...
11/27/2024Armenian pension funds may increase investments abroad
... Central Bank of Armenia, reported that currently, pension funds can invest up to 15% of their assets in the economy of a single country. The proposed amendments, however, suggest raising this threshold to 30%. According to the Deputy Chairman, these changes will help diversify investments and improve their efficiency. In addition, under current legislation, pension funds are not allowed to directly invest in the Armenian economy and must do so through funds registered in the country. The draft law ...
11/25/2024Armenia tries to allay Azerbaijan's fears during talks - Pashinyan
... Television. However, as the head of the Armenian government noted, official Yerevan also has its own concerns. "The Constitution of Azerbaijan contains territorial claims against the Republic of Armenia. However, unlike Baku, Yerevan does not demand changes to their Constitution, as it fully understands that such demands could lead the negotiation process into a deadlock. The Armenian side is not interested in this," Pashinyan said. -0-
11/23/2024Pashinyan: Resignations in Armenia are systemic, not personal
... YEREVAN, November 22. /ARKA/. The recent resignations in Armenia are not individual cases but are rather of a systemic nature, said Armenian Prime Minister Nikol Pashinyan. "In terms of accountability, it should be clear that personnel changes are linked to issues that are publicly discussed in one way or another. However, it is not necessary for these discussions to be focused on specific individuals. The resignations during this period are not personalized, but are primarily related ...
11/22/2024Term of compulsory service in Armenian Armed Forces to be shortened
... 24 months. YEREVAN, 21 November. /ARKA/. The Armenian Ministry of Defence has presented a concept of reforming the armed forces, which, in particular, envisages a shortening in the period of compulsory military service. Now it is 24 months. The changes are expected to come into force from 2027. At the same time, it is planned to increase the number of contract servicemen. ‘Military service under contract is more favourable than military service under conscription in terms of ensuring professionalism,...
11/21/2024Financial aid for forcibly displaced Artsakh residents in Armenia to be reduced
... with disabilities of groups I or II. The amount of assistance provided is also being reduced to 40,000 drams. Starting in July 2025, the assistance will be further reduced to 30,000 drams. According to Armenian Prime Minister Nikol Pashinyan, these changes are intended to encourage able-bodied refugees to find employment. About ethnic cleansing of Armenians in Artsakh On September 19-20, 2023, Azerbaijan launched a large-scale aggression against Artsakh using artillery, UAVs and combat aircraft....
11/21/2024Justice or sixfold increase of burden: tax changes discussed in the National Assembly of Armenia
... Minister Arman Poghosyan, these enterprises have long been exempt from value added tax (VAT) and profit tax, set at 20 and 18 per cent respectively, and pay instead a ‘simplified tax’ of 5 per cent of their annual turnover. He said the proposed changes were prompted by the need to create a level playing field for all types of businesses. 'A teacher or a doctor pays 20 per cent income tax, while individual entrepreneurs or micro-enterprises either do not pay this type of tax at all or pay 5 per ...
11/20/2024OVIO launches OVIO Cloud service in its data processing center
... particular importance for the public sector, as it raises the reliability of data storage to a new level. One of the advantages of the OVIO Cloud service is also the customer self-service portal, through which customers will have the opportunity to make changes to the volume of cloud services and other parameters online,” said Hayk Faramazyan, General Director of OVIO. OVIO’s data processing center is the largest in the region and is built with high standards of reliability of TIER III equipment ...
11/14/2024Pashinyan identifies the main problem facing small communities
... and large communities due to the lack of subsidy programs. "As a result of a series of recent working discussions and visits, I have become concerned about the state of communities inhabited by national minorities. Although we have made several changes to the subsidy system to expand opportunities for supporting national minority communities, we also provide assistance through other forms of subsidies," Pashinyan said at an event marking the 28th anniversary of the local self-government ...
11/11/2024Yerevan interested in intensifying meetings with Baku to agree on peace treaty - Armenian MFA
... YEREVAN, November 7. /ARКА/. The Armenian side is interested in intensifying meetings with Azerbaijan, which will allow for the text of a peace treaty to be agreed upon as soon as possible, Deputy Foreign Minister Vahan Kostanyan said. “There are no changes in the articles of the treaty transferred to Azerbaijan. There are issues that remain unresolved. Negotiations between the parties are ongoing,” Kostanyan told reporters. The deputy minister noted that there is no specific agreement yet on holding ...
11/07/2024"Not Armenian cognac, but brandy": Economy Minister discusses Armenia's new positioning
... YEREVAN, November 4. /ARKA/. Armenia should position itself globally as a producer of Armenian brandy, stated Gevorg Papoyan, the Minister of Economy. "In this regard, significant progress has been made. The producers themselves are implementing changes in branding and are now focusing on the product's name," noted Papoyan during the budget discussions in parliament. According to him, it will eventually become impossible to use the term 'cognac' because it is a geographical name (referring ...
11/04/2024Armenia and Azerbaijan may switch to simplified customs and transit procedures in case of border unblocking
... already available," Badasyan said during discussions of the draft 2025 state budget in parliamentary committees. He noted that another possible option is to provide photographs of the scanners in advance to mitigate risks. "There are many such changes brought about by modern digital tools. This reduces the influence of the human factor and also impacts the speed of border crossing, eliminating queues," Badasyan said. He added that negotiations are underway regarding simplified procedures ...
11/04/2024Armenia's state budget - 2025: Former Finance Minister assesses risks of main financial document
... envisages improving the tax-to-GDP ratio by 0.7 percentage points, almost the same as last year. ‘This scenario contains significant risks, because if unrealistic goals are set for state agencies, especially for the tax authority, the latter's behaviour changes - the tax authority will ‘pull’ revenues from the economy at any cost,’ Aramyan said. He warned that this is fraught with deterioration of business environment, weakening of economic potential and expectations of economic entities. Economic ...
11/04/2024State subsidies for chemotherapy to increase significantly - minister
... significant part of the planned budget of the ministry will be directed to the construction of new buildings of medical institutions, since many buildings built even 10-20 years ago do not meet modern requirements. Avanesyan also announced the planned changes in the current emergency medical care system. In particular, she said that all regional systems will be united into a single national emergency medical service. She also said that in 2025, refugees from Nagorno-Karabakh will continue to receive ...
11/01/2024Armenia's 2025 state budget allocates 905 billion drams for social expenditures - Ministry of Finance"
... announcement was made by Armenian Finance Minister Vahe Hovhannisyan during budget discussions in parliament. "Although we have seen growth, this is primarily due to improvements in basic indicators, and there have been no significant political changes. As a result, social protection expenditures will account for 8.2% of GDP, which is an increase of 0.6% from 2024," Hovhannisyan stated. About the 2025 State Budget The Armenian government’s draft budget for 2025, approved in late September ...
10/28/2024Armenia exported 2,500 tons of potato this year- minister
... Economy Minister Gevorg Papoyan said on Wednesday. He recalled that the country had exported 2,500 tons of potatoes in the first nine months of this year, while the previous year there were no exports at all. Potato imports have also undergone significant changes. According to the minister, last year 7,500 ton were imported, this year only 500 tons in the first ten months, and that exclusively for seeds. However, an early snowfall in Gegharkunik region, the main potato producing region, created difficulties ...
10/24/2024Armenia to postpone cryptocurrency regulation
... approved today in the second reading a set of amendments to the law on fighting cybercrimes, designed to step up and intensify this fight. Deputy Minister of Internal Affairs Arpine Sargsyan noted that between the first and second readings, several changes were made to the draft law regarding control over actions related to cryptocurrencies. In particular, she noted that the Central Bank is preparing to begin legal regulation of cryptocurrency circulation, in connection with which it was decided ...
10/18/2024State fee for obtaining citizenship will be raised 50 times, for renouncing citizenship - 4 times
The Armenian government approved a package of legislative changes at a meeting on Thursday, including an increase in the state fee for obtaining and renouncing citizenship of the country. YEREVAN, October 17. /ARKA/. The Armenian government approved a package of legislative changes at a meeting on Thursday,...
10/17/2024Online taxi turnover in Armenia reaches billions of drams - SRC head
..... From 1 September, according to the new rules, only those companies, individual entrepreneurs or individuals who have connected to the SRC system and provide electronic cash receipts can carry out passenger transportation by taxi. According to the changes in the legislation, in case of cash payment, the state duty from 1 September 2024 is 2% of the total cost of each trip, from 1 January 2025 it will be 3.5%, from 1 January 2026 - 5%. For non-cash payment, the rate is set at 1.5% of the cost of ...
10/10/2024Armenia to redistribute quotas for preferential import of electric vehicles
... during the year the number of imported cars did not even come close to the allocated quota, but this year as of October 1, 7,400 cars have already been imported. Some 71.4% were imported by individuals and 28.6% by legal entities. With the adopted changes, dealers will not have reserved quotas, and registration will be carried out upon arrival at the customs point, according to the queue. -0-
10/10/2024How to invest in shares and make profits: a guide from Unibank Invest
... attention to some basic parameters: the Central Bank rate, inflation data, GDP. And also to political events, conflicts, trade agreements between countries, corporate news - takeovers, sales of companies. It is also worth taking into account regulatory changes, changes in legislation. But if we are talking about long-term investments, it is better not to fill your head with these things, but to take them into account when making a decision. Trading or investing on news is a very big mistake, you should ...
10/10/2024UNFPA Regional Director to visit Armenia to discuss support for strengthening demographic resilience
... government officials, parliament members, the Human Rights Defender, donor representatives, and non-governmental organizations to explore strategies for long-term solutions and for enhancing Armenia's demographic resilience in the face of rapid population changes. A key focus of the visit will be the development of UNFPA's Country Program Document for Armenia for 2026-2030. The visit will facilitate an open dialogue on national priorities and the strategic alignment of UNFPA's support. Furthermore, Ms....
10/07/2024Construction of new network will require at least $10 billion – CEO of ENA on the deplorable situation with power outages
... implementing all of its investment programs, the company has been guided by the principle that they should not have a significant impact on tariffs. "Both in 2015 and now, the tariff margin for 1 kWh of electricity is about 12 drams. We have not had any changes in the cost of 1 kWh of electricity since then," he added. Speaking about the work to improve the electricity supply of Yerevan, Harutyunyan noted that a program for the reconstruction of the distribution network of the small center of ...
10/04/2024Qatar Airways cancels all flights to Armenia and several other countries due to tensions in the Middle East
... please contact the airline or official representatives," Qatar Airways said in a statement. Earlier, the online board of ‘’Zvartnots’’ Airport reported the cancellation of today's Flysepehran flights between Tehran and Yerevan. There are no changes regarding Armenia Airways flights between the capitals of Iran and Armenia. -0-
10/02/2024Iran supports Armenia's territorial integrity and ‘Crossroads of Peace’ project - Vice President
.... Reaffirming the words of the Supreme Leader of the Islamic Revolution Seyyed Ali Khamenei, the First Vice President of the Islamic Republic once again stressed that Iran fully supports Armenia's territorial integrity and considers inadmissible any changes of borders in the region. At the same time, he stressed Iran's determination and readiness for diverse cooperation with Armenia. Pashinyan noted that the continuous development of Armenia's relations with Iran is one of the priorities of his government....
10/01/2024Pashinyan: in Armenian Constitution there are no territorial claims on Azerbaijan
... Court decides that the Peace Agreement with Azerbaijan is in contradiction with the Constitution of the Republic of Armenia (even though our experts assure that it is not likely to happen), then we will face a specific situation where constitutional changes will be needed for the sake of achieving peace. And if our Constitutional Court decides that the Agreement complies with the Constitution of the Republic of Armenia, then there will be no barriers for ratification in the Parliament of Armenia,...
09/27/2024Armenia wants to allow import of pesticides from some countries without laboratory checks
... Protection approved today in the first reading legislative amendments to allow imports of pesticides and agrochemicals from certain developed countries without additional laboratory checks. According to Deputy Minister of Economy Tatevik Sargsyan, these changes are conditioned by the fact that developed countries already have high requirements to the quality of pesticides and agrochemicals, so there is no need to conduct additional inspections when importing them to Armenia. The list of countrieswill ...
09/24/2024Amundi-Acba Asset Management success story: assets managed by the fund reached 517 billion drams in 10 years
... of the national currency. “In the same year, we concluded a Memorandum of Cooperation with the International Finance Corporation (IFC) to combine efforts in making investments in infrastructure projects in Armenia. This requires certain legislative changes, but we hope that they will be implemented in the near future and we will start considering investments in Armenian infrastructures,” Aslanyan said. He also recalled that in 2023, Amundi-Acba made its first direct investment in the public shares ...
09/24/2024What is IPO and whether it is possible to make money on it
... public company, which means that it must disclose financial indicators, meet strict regulatory requirements and market conditions. In addition, it is responsible to the new shareholders and must take their opinion into account when making decisions. Such changes create difficulties for the issuer itself, but provide certain benefits to the investor, as the company becomes more competitive, reliable and open. After the IPO, the shareholder can analyse business processes, monitor quotes and learn from experts....
09/24/2024Analysing the company: a guide for the investor
... buy-and-hold strategy, it is important to choose issuers that will remain competitive in the future. This should be based on the company's performance and the investment attractiveness of the sector. Select an industry Check the websites of your local stock exchanges to see where the leaders of the top indices are performing. For example, the health care and technology sectors are currently the main growth sectors of the S&P 500. Evaluate how dependent the sector in which the company operates is on legislative ...
09/12/2024Armenia ready for changes in logistics for dialogue with Europe and Asia simultaneously - minister
Armenia's economy is demonstrating high growth rates, which indicates the country's readiness for the upcoming changes in logistics and economic terms, Economy Minister Gevorg Papoyan said today. YEREVAN, September 11. /ARКА/. Armenia's economy is demonstrating high growth rates, which indicates the country's readiness for the upcoming changes in logistics ...
09/11/2024Armenian, Iranian Foreign Ministers discuss regional stability, bilateral cooperation
... respect for principles such as territorial integrity and sovereignty within the framework of the "Crossroads of Peace" project, which aims to unlock regional transport and economic routes. Mirzoyan also praised Iran's firm stance on opposing any changes to international borders that undermine the political independence of nations. Iran has consistently voiced its disapproval of border changes that contradict international law.
09/11/2024Armenian parliament approves first reading of bill expanding oversight on counterfeit medications
... enhanced powers to oversee the circulation of counterfeit or non-sellable medications. According to MP Lusine Badalyan, the current oversight authorities lack the ability to inspect pharmacies within medical institutions for such medications. The proposed changes would grant them this authority. Additionally, Badalyan highlighted concerns over the destruction of medications by private companies. There have been suspicions that some medications were only destroyed on paper, with later inspections uncovering ...
09/10/2024Iran clearly expresses its opposition to any changes in international borders - Foreign Ministry
Iran clearly expresses its opposition to any border changes that contradict the political independence of countries and opposes international border changes, Iranian Foreign Ministry spokesman Nasser Kanani said. YEREVAN, 9 September. /ARKA/. Iran clearly expresses its opposition to any border changes ...
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