Month: October 2008

33.9% INCREASE IN PRIVATE TRANSFERS TO ARMENIA IN JAN-AUG

ARKA
Oct 13, 2008

YEREVAN, October 13. /ARKA/. In January-August 2008, a total of
$1,035.3mln were transferred to Armenia for individuals by means of
Armenia’s banking system – an annual increase of $261.9mln or 33.9%.

In its monthly review for this August, the Central Bank of Armenia
(CBA) reports that a total of $152.6mln were transferred from Armenia
abroad against $173.9mln in the corresponding period last year (an
annual increase of 12.3%).

This January-August, the net inflow of funds amounted to $882.7mln
against $559.5mln – an annual increase of 47.2%.

The largest net inflow of funds was recorded from the Russia and the
USA – 90.8% of the total amount against 95.9% in the corresponding
period last year.

In 2007, a total of $1,319.5mln were transferred to Armenia for
individuals, with the net inflow of funds being $1,058.3mln.

WB MANAGING DIRECTOR ADMIRES ARMENIA’S CONSISTENCY IN IMPLEMENTING WB PROGRAMS

ARKA
Oct 13, 2008

YEREVAN, October 13. /ARKA/. At her meeting with RA Prime Minister
Tigran Sargsyan, WB Managing Director Ngozi Okonjo-Iweala, expressed
her admiration over Armenia’s consistency in implementing WB programs.

Diana Mnatsakanyan, Press Secretary of the RA Premier, reported that
since 1992, when the World Bank (WB) established cooperation with
Armenia, it has issued $1.1bln credits under 52 programs. Until 2006,
Armenia received soft credits from the International Development
Association (IDA) – credits were issued for 40 years, at an annual
interest rate of 0.75%, with a grace period of ten years.

Since January 1, 2006, Armenia has been receiving credits in the
terms of the International Bank for Reconstruction and Development
(IBRD) form middle-income countries.

The WB Managing Director also pointed out Armenian partners’ valuable
experience in implementing reforms.

The RA Premier laid emphasis on the existing problems and future
partnership. He pointed out that, along with the new programs, Armenia
also plans to meet new challenges, particularly a program of tax and
customs reforms.

The WB Managing Director shared the opinion that reforms in the
aforementioned fields are painful for all the concerned parties,
which, however, does not mean they are not necessary for forming
civil society based on democratic principles.

Ngozi Okonj o-Iweala stressed the necessity of tax and customs reforms
for the reduction of corruption risks and social integration.

The RA Premier is on a working visit to Washington, USA, to take
part in an annual forum of the World Bank (WB) and the International
Monetary Fund (IMF).

The Armenian delegation includes Minister of Economy Nerses Yeritsyan,
Minister of Finance Tigran Davtyan, RA Presidential Economic Advisor
Vahram Nersisyants, Head of the RA Government Staff David Sargsyan,
Chairman of the Central Bank of Armenia (CBA) Artur Javadyan, RA
Deputy Foreign Minister Arman Kirakosyan, RA Ambassador to the USA
Tatul Margaryan and other officials.

VTB BANK (ARMENIA) OFFERS NEW DEPOSIT TO CUSTOMERS

ARKA
Oct 13, 2008

YEREVAN, October 13. /ARKA/. The VTB Bank (Armenia) offers its
customers a new type of fixed deposit, Perspective, for up to 541 days.

The bank’s Public Relations Department reported that the annual
interest rate on AMD deposits is 11%.

The highest annual interest rate on USD deposits is 10%, and on Euro
deposits 9.5%. The bank will effect monthly interest payments.

All the branches of the bank will accept Perspective deposits from
October 13, 2008.

Valery Ovsyannikov, Director General and Chairman of the Directorate,
said that the new product is part of the bank’s retail service
development program.

The Perspective deposit is intended for a larger target audience –
individuals, residents and nonresidents.

In the context of the present-day market, it is a really competitive
and convenient product for depositors.

At present, the VTB Bank (Armenia) offers five types of fixed deposits
to its customers: Perspective, High-Interest, Comfortable, Target
and Social Support.

VTB Bank (Armenia) is fully owned by the VTB Bank OJSC (Russia).

The VTB Bank OJSC, the leading Russian banking group, renders banking
services in Russia, some of the CIS member-countries, as well as in
some West European, Asian and African countries.

The VTB Bank (Armenia) (Armsavingsbank CJSC until June 20, 2006)
joined the VTB Group in March 2005.

By June 30, 2008, the bank’s total assets had amounted to 113.15bln
AMD, authorized capital totaled 13.906bln AMD, equity capital 21.88bln
AMD (by September 1, 2008, it had reached 22.79bln AMD). The bank’s
loan portfolio had amounted to 60.26bln AMD, and funds attracted from
clients totaled 38.5bln AMD.

The bank is among Armenia’s top-ranked banks in terms of key
indicators, being the leader in the amount of assets.

The VTB Bank (Armenia) has 79 points of sale in all Armenian
regions. This July, the Fitch Ratings agency assigned the "B"
short-term issuer rating and "BB+" long-term issuer rating to the bank,
with the "Stable" outlook for the latter.

SEVERAL NATIVES OF ARMENIA, TURKEY, UZBEKISTAN AND TAJIKISTAN KILLED IN MOSCOW

PanARMENIAN.Net
13.10.2008 15:06 GMT+04:00

/PanARMENIAN.Net/ Several natives of Armenia, Turkey, Uzbekistan and
Tajikistan were killed in Moscow during the past several days. Many
explain the neo-Nazi activities by the recent murder of a 15-year-old
Russian schoolgirl, presumably by guest workers.

Members of the movement against illegal migration held an authorized
rally on Sunday urging to find the murderers of the girl.

GUAM HAS NO FUTURE UNLESS ITS MEMBER STATES ARE RICH ARE POWERFUL

PanARMENIAN.Net
13.10.2008 15:52 GMT+04:00

/PanARMENIAN.Net/ GUAM is a phantom organization having no influence,
a Ukrainian politician said.

"I once labeled GUAM as a union of the beggary. I don’t believe
in efficiency of this organization. Any union should have a solid
foundation. GUAM doesn’t," Dmitry Vydrin said.

"These states are not regional leaders. They are not even the richest
countries within the CIS. I wonder how this organization exists,"
he said.

TURKEY CAN HELP FAVORABLE ATMOSPHERE BETWEEN YEREVAN, TBILISI AND BAKU

PanARMENIAN.Net
13.10.2008 16:09 GMT+04:00

/PanARMENIAN.Net/ The head of American-Turkish Council (ATC) said
Sunday that results of the upcoming U.S. presidential election would
not affect Turkish-American relations much, no matter who the winner
would be.

ATC chairman Brent Scowcroft is currently in capital Ankara to hold
a series of talks with Turkish officials.

Holding a press conference prior to his talks, Scowcroft said the
new U.S. president will be aware of Turkey’s importance for U.S.

Regarding the global economic crisis, Scowcroft said the Turkish
economy does not seem to be quite affected by the crisis thanks to
the reforms carried out in the country’s banking sector recently.

However, if the crisis got deeper, it might have a negative impact
on Turkish economy as well, Scowcroft said.

Commenting on Turkey’s position in the Caucasus region, Scowcroft said
that Turkey is an important actor for the region and it might play a
strategic role in providing a secure atmosphere among countries such
as Georgia, Azerbaijan and Armenia.

Scowcroft said that he is optimistic about the process recently
initiated between Turkey and Armenia. He also said that the ways
to improve the Turkey-U.S. relations will be on the agenda of his
meetings.

Scowcroft said that he will first meet Turkish President Abdullah
Gul, Prime Minister Recep Tayyip Erdogan, Defense Minister Vecdi
Gonul, General Staff Chief Gen. Ilker Basbug and Energy Minister
Hilmi Guler in Ankara, and later on, he would proceed to Istanbul,
Worldbulletin.net reports.

ARMENIA, AZERBAIJAN HAVE MORE CHANCES TO RESOLVE KARABAKH CONFLICT

PanARMENIAN.Net
13.10.2008 16:11 GMT+04:00

/PanARMENIAN.Net/ Armenia and Azerbaijan are close to resolution of
the Nagorno Karabakh conflict, French Ambassador to Azerbaijan said.

"Paradoxically, today, chances for resolution of the conflict are
more than before the Georgian conflict," Gabriel Keller said.

"The South Caucasus countries realized their weakness and their
dependence on the regional context, as well as unfeasibility of a
military solution. The Minsk Group initiatives have more chances to
produce effect now. Every success achieved in the negotiations will
be developed with the positive measures for the regional security
and welfare," Ambassador Keller said, the Azeri Press Agency reports.

SEYRAN OHANYAN TO ATTEND CIS DEFENSE MINISTERS COUNCIL MEETING

PanARMENIAN.Net
13.10.2008 17:47 GMT+04:00

/PanARMENIAN.Net/ A delegation led by Armenian Defense Minister Seyran
Ohanyan will depart for Saint Petersburg on Tuesday to attend a regular
meeting of the Council of CIS Defense Ministers due on October 15,
the RA Defense Minister’s spokesman, col. Seyran Shahsuvaryan told
PanARMENIAN.Net.

The Defense Ministers are expected to sign an action plan for 2009.

HEIKKI TALVITIE: PROSPECTS FOR PROGRESS ON KARABAKH CONFLICT APPEAR RATHER LIMITED IN 2008

PanARMENIAN.Net
13.10.2008 18:14 GMT+04:00

/PanARMENIAN.Net/ It is still too early to make a comprehensive
assessment of the implications of the Georgian crisis for the other
protracted conflicts, said Heikki Talvitie, Special Envoy of the
OSCE Chairman-in-Office.

"This year has seen positive movement in the Trans-dniestrian
settlement process. The developments in Georgia have brought the
issues concerning status to the fore and have infused a new sense of
urgency into our efforts," Ambassador Talvitie said in a statement
published in the OSCE Magazine.

"That said, prospects for progress on the Nagorno Karabakh conflict
appear rather limited in 2008, an election year for both Armenia
and Azerbaijan. As we gear ourselves up for Helsinki, the Finnish
Chairmanship will ensure that the unresolved conflicts are kept high
on the agenda. The OSCE must invest even more time, energy and effort
in pursuing the settlement of the protracted conflicts and making
the most of every window of opportunity that opens up. It is in the
interest of the whole OSCE community to back up these efforts with
steadfast commitment and political will," he said.

From: Emil Lazarian | Ararat NewsPress

SLOVAK JUSTICE MINISTER TO PRESS FOR ADOPTION OF BILL PENALIZING ARMENIAN GENOCIDE DENIAL

PanARMENIAN.Net
13.10.2008 18:41 GMT+04:00

/PanARMENIAN.Net/ On invitation of Slovak Justice Minister Stefan
Harabin, Armenian delegation led by Justice Minister Gevorg Danielyan
visited Bratislava October 6-7 to discuss implementation of agreements
signed by Armenia and Slovakia, the RA Justice Ministry’s press
office reported.

Minister Harabin informed that a bill penalizing the Armenian Genocide
denial is being discussed by the government, adding that he will
press for adoption of the bill.

The Armenian delegation laid a wreath to the khachkar inaugurated
in Bratislava on occasion of the resolution recognizing the Armenian
Genocide passed by the Slovak parliament on November 30, 2004.