Month: April 2007

NEW HEAD OFFICE OF HSBC BANK ARMENIA OPENS IN YEREVAN

Noyan Tapan
Apr 05 2007

YEREVAN, APRIL 5, NOYAN TAPAN. The new head office of HSBC Bank
Armenia opened at 66 Terian Street, Yerevan. A new branch of the bank
is located in the same building. The bank’s former head office was
registered as a branch at 9 Vazgen Sargsian Street, Yerevan.

General Executive Director of HSBC Bank Armenia Anthony Turner said
at the March 5 press conference that another 3 branches of the bank
will open in Yerevan by late 2007, as well as the number of cash
dispensers will be increased from 21 to 44.

According to him, HSBS Bank Armenia will continue providing mortgage
credits at 12% interest rate, attempting to reduce it to 10.5% in the
future. The bank will soon start implementing a program of crediting
small and medium enterprises.

Presenting the 2006 financial report of the bank, A. Turner said that
the total amount of deposits of the bank’s customers made 70 bln drams
(about 193 mln USD) in the indicated period, with a 11% growth in
Armenian drams and a 37% growth in US dollars on the previous year.

"Since 1999, HSBC Bank Armenia has paid a sum equialent to 21
million dollars as dividents, which shows a high level of the
bank’s profitability," Director of the bank’s financial unit Ruzanna
Shahinian stated.

REAL INCOMES OF ARMENIAN POPULATION INCREASE BY 12.7% IN JANUARY-FEBRUARY 2007 ON SAME PERIOD OF LAST YEAR

Noyan Tapan
Apr 05 2007

YEREVAN, APRIL 5, NOYAN TAPAN. In January-February 2007, monetary
incomes of the Armenian population made 229 bln 35 mln drams (about
636.5 mln USD), while monetary expenditures – 244 bln 124.2 mln
drams. According to the RA National Statistical Service, their growth
on the same months of 2006 made 18.8% and 19.4% respectively.

Real monetary incomes of the population (incomes less compulsory
payments, taking into account changes in the consumer price indices)
increased by 12.7% in January-February 2007 on the same months of 2006.

In January 2007, the average nominal monthly salary exceeded 3.4fold
the minumim salary – against 3.6fold in 2006. The highest salaries were
in the sectors of financial activity (185,496 drams), mining industry
(140,384 drams), and production and distribution of electricity,
gas and water (105,292 drams).

MANVEL BADEYAN: THERE WILL BE TIME WHEN BUSINESSMEN WILL REALIZE THEY SHOULD NOT GO TO NATIONAL ASSEMBLY

Noyan Tapan
Apr 05 2007

YEREVAN, APRIL 5, NOYAN TAPAN. There will be time when businessmen
will realize that they should not go to the National Assembly –
economists and lawyers should become deputies. Masnvel Badeyan,
former businessman, deputy of the RA National Assembly, expressed
this opinion at the April 5 press conference.

At the same time, he noted that there are mechanisms, including
lobbyist ones, by which businessmen can influnce the National Assembly.

According to M. Badeyan, in 1999, some businessmen decided to enter the
NA as at that time some problems of business protection existed. Yet,
in his words, there has been no case when a busineesman-deputy solved
a problem to the advantage of his personal business.

M. Badeyan said that two thirds of laws adopted by the NA in 1999-2003
passed through the standing committee of financial, credit and
budgetary issues composed of businessmen-deputies. In 2004, according
to him, a negative change occured: "many businessmen deputies went
into the paliament – those who have done nothing, who have not even
entered the building of the NA." "At that time, to be a deputy was
considered to have the title of a nobleman," M. Badeyan said.

RUSSIA IN FIRST PLACE BY AMOUNT OF INVESTMENTS MADE IN ARMENIA IN 2006

Noyan Tapan
Apr 05 2007

YEREVAN, APRIL 5, NOYAN TAPAN. In 2006, the foreign investment
inflow into the Armenian economy (including those through the state
governance system and the banking system) made 604.3 mln USD, which is
more by 18.9% compared with the previous year. The inflow of direct
investments made 305 mln USD (6.3% growth), of other investments –
289.6 mln USD (31.7% growth), of portfolio investments – 9.7 mln USD
(8.6fold growth).

According to the RA National Statistical Service, in 2006, the
outflow of financial resources from Armenia in the form of investments
(without interest and dividents paid and credits re-paid) amounted
to 27.9 mln USD.

In 2006, foreign investment inflow into the real sector of the
Armenian economy (without those through the state governance system
and the banking system) grew by 10.9% on the previous year and made
444 mln 120.4 thousand USD, with direct investments making 250 mln
727.5 thousand USD (2.6% growth).

The total amount of foreign investments in the real sector (without
privatization resources) grew by 24.8% in 2006 on 2005, the total
amount of direct investments – by 25.4%.

Russia was in first place by the amount of investments made in Armenia
in 2006 – 87 mln 454.1 thousand USD. The amount of investments from
Russia increased 1.3fold compared with 2005 whwn Russia was in third
place by the amount of investments in Armenia. By results of 2006,
Lebanon is in second place by this index (64 mln 753.8 thousand USD –
3.7% growth), and Argentine – in third place (62 mln 603.5 thousand
USD – 5.6fold growth).

BALANCE OF POPULATION’S DEPOSITS ATTRACTED BY ARMENIAN BANKS GROWS BY 24.2% IN ONE YEAR

Noyan Tapan
Apr 05 2007

YEREVAN, APRIL 5, NOYAN TAPAN. According to preliminary data of the
Central Bank of Armenia (CBA), as of February 28, 2007, the monetary
base made 258 bln 404 mln drams (about 710.9 mln USD), growing by 3
bln 472 mln drams or 1.4% on the previous month.

As of February 28, 2007, the broad money made 469 bln 654 mln drams,
growing by 9 bln 670 mln drams or 2.1% on the previous month.

The balance of the population’s deposits attracted by the banks made
126 bln 103 mln drams as of February 28, 2007, growing by 4 bln 182
mln drams or 3.4% on the previous month, and by 24 bln 531 mln drams
or 24.2% on the same day of last year.

From: Emil Lazarian | Ararat NewsPress

ARMENIA’S NET FOREIGN DEBT MAKES 662.45 MILLION DOLLARS, FOREIGN DEBT/GDP RATIO – ABOUT 10.3% IN LATE 2006

Noyan Tapan
Apr 05 2007

YEREVAN, APRIL 5, NOYAN TAPAN. At the end of December, 2006, the gross
foreign debt of Armenia made 2 bln 52.67 mln USD, exceeding by 192.49
mln USD the index of late December 2005.

According to the RA National Statistical Service, 49.8% of the gross
foreign debt formed in the state governance system, 19% – in the
private sector, 9% – in the monetary credit regulation bodies, 10.3%
– in commercial banks, and 11.9% is direct foreign investments made
by organizations engaged in various sectors of economy – in the form
of inter-firm credits.

In late December 2006, the gross foreign assets of Armenia made 1 bln
390.22 mln USD, growing by 307.06 mln USD on late December 2005. As
a result, the net foreign debt of Armenia declined by 114.57 mln USD,
making 662.45 mln USD.

The ratio of this index to 2006’s GDP made about 10.3%.

CONSTRUCTION IN ARMENIA IN JANUARY-FEBRUARY 2007 GROWS BY 12.4% ON SAME PERIOD OF LAST YEAR

Noyan Tapan
Apr 05 2007

YEREVAN, APRIL 5, NOYAN TAPAN. In January-February 2007, construction
work of 14 bln 436.5 mln drams (about 41 mln USD) was done in Armenia,
including construction of production facilities of 4 bln 669.6 mln
drams. Building and assembly work made up 11 bln 509.3 mln drams
of the construction work, including building and assembly work of
production facilities of 2 bln 794.3 mln drams.

According to the RA National Statistical Service, the volume of
construction work in Armenia in January-February 2007 grew by 12.4%
on the same period of 2006, the volume of building and assembly work
grew by 15.1%.

Construction of residential buildings put into operation in
January-February 2007 was completely done with the population’s
resources.

4 comprehensive schools, including one school in Yerevan and three
ones in Kotayk marz, were repaired with credit resources of the World
Bank in January-February of this year.

FAMOUS CZECH MUSICIANS AND PHILHARMONIC ORCHESTRA OF ARMENIA TO GIVE CONCERT

Noyan Tapan
Apr 05 2007

YEREVAN, APRIL 5, NOYAN TAPAN. Famous Czech musicians – conductor
Leos Svarovski and violonist Frantisek Novotny will for the first
time give a concert at the Aram Khachatrian Concert Hall on April 6
together with the Philharmonic Orchestra of Armenia. The orchestra
conducted by Svarovski will perform Smetana’s "Vlatava" symphonic poem
from "My Homeland" series, Korngold’s Violin Concert and Dvorzhak’s
7th symphony.

At the April 5 press conference the musicians said that they accepted
at once the invitation of the Philharmonic Orchestra of Armenia as
they had previously listened to its performance during the "Prague
Autumn" classical music festival. They are familiar with the Armenian
classical music and have performed works of Armenian composers.

Frantisek Novonty pointed out that he often performs the Violin Concert
of Aram Khachatrian, he loves and appreciates his works. "Perhaps
there is no violinist who has not performed the concert of this
great composer."

The Czech misicians are content with their cooperation with the
orchestra.

As they put it, they "came into contact quickly and flexibly," and
expressed confidence that they will work with the orchestra in the
future too.

Although the musicians are in Yerevan for the first time, they know
the Armenian culture and history quite well.

From: Emil Lazarian | Ararat NewsPress

STANDARD MECHANISMS OF TOBACCO ADDICTION TREATMENT TO BE WORKED OUT IN ARMENIA

Noyan Tapan
Mar 05 2007

YEREVAN, MARCH 5, NOYAN TAPAN. Armenia recently presented the first
national report on implementation of the World Health Organization’s
Frame Concention on Fight against Smoking, which took effect
in the country in 2005. Alexandr Bazarchian, coordinator of the
Antismoking Program of the RA Ministry of Health, told this to NT
correspondent. According to him, the report contains respective
legislative amendments, as well as information about the work
implemented and to be done.

He said that in particular, cigarette advertising will gradually
stop in the next 5 years, while starting from 2008, the warning
about danger of smoking to human health will cover no less than 30%
of packs of cigarettes produced in Armenia. Besides, the report
contains statistical data on tobacco addiction in Armenia. According
to this data, 28.5% of the country’s population are smokers. 60% of
men and 2.7% of women are smokers. In 1998, these indices made 31%,
63% and 1.5% respectively.

The difference in the number of smoker and non-smoker women in Yerevan
and marzes is quite big. In Yerevan, smokers make up 5% among women
aged 25-34, 6% among women aged 35-44, and 9% – among women aged 55-64,
while in Armenian marzes these indices make 0.5%, 1.5% and 3%.

A. Bazarchian said that it is envisaged to work out standard mechanisms
of tobacco addiction treatment in the country. New registration forms
will be used at hospitals with the aim of determining the impact of
smoking on such diseases as lung cancer and heart attack. That is,
in registering a new case of the above mentioned diseases, it must be
indicated in the form if the given patient is a smoker or non-smoker,
how long he/she has been a smoker, etc.

CONFERENCE ON ACHIEVEMENTS OF MEDICAL GENETICS HELD IN YEREVAN

Noyan Tapan
Apr 05 2007

YEREVAN, APRIL 5, NOYAN TAPAN. On the initiative of Yerevan’s Center of
Medical Genetics and Primary Health Care, the conference "Achievements
of Medical Genetics and Diagnostics of Molecular Diseases" started
on April 4. It is held by leading experts of the Scientific Center
of Medical Genetics of the Russian National Academy of Sciences.

Director of the center Tamara Sargsian said that medical genetics
is one of the most advanced branches of medical science. According
to her, various hereditary diseases are diagnosed thanks to
modern molecular-biological technologies used at the Center of
Medical Genetics and Primary Health Care, which was founded in
1999. Particularly, the center conducts research on genetic causes of
periodic peritonitis, cystic fibrosis, some forms of mental deficiency,
and male sterility. Besides, screeing programs are implemented to
calculate frequency of genetic diseases, as well as early prenatal
diagnosis is made.

About 25 thousand people undergo examination at the center annually.