Month: June 2022

The Governor of the Central Bank of Armenia Martin Galstyan (right) and President of the Management Board of the Warsaw Stock Exchange Marek Dietl

The Governor of the Central Bank of Armenia Martin Galstyan and President of the Management Board of the Warsaw Stock Exchange (GPW) Marek Dietl signed an agreement on the sale of a majority interest in the Armenian Stock Exchange (AMX).

“We consider this investment as a long-term partnership. Our aim is to recreate with joint efforts the capital markets of Armenia and thrive to extend our business further into the region. We also expect to develop the capital markets infrastructure, creating opportunity for businesses to raise sustainable and affordable capital while enabling the investors and savers to manage their savings and investments more professionally within a wider range of investment products and opportunities,” said Marek Dietl, President of the Management Board of GPW. 

“We believe this to be an important milestone in the development of Armenian capital markets. Having found such a partner in the Warsaw Stock Exchange, realizing we have the same vision and similar aspirations, we believe this deal to be a turning point in the chronicles of capital markets in Armenia.

Under the leadership of the Warsaw Stock Exchange, with their experience and knowledge, AMX has the full potential to expand and become the robust stock market ready to take up the challenges of the 21st century and lead the region.” said Martin Galstyan, Governor of the Central Bank of Armenia.

The intention of the GPW to acquire the AMX was announced on September 18, 2020, after which the necessary analysis were carried out, a development plan for the next 5 years was purposed, and the necessary corporate approvals were implemented. Finally, this year at the May 24 Meeting, the Board of the Central Bank of the Republic of Armenia approved the transaction. Accordingly, the Warsaw Stock Exchange (GPW) will acquire 65.03% of shares of the Armenia Securities Exchange (AMX) (967 shares in total). The Central Bank of Armenia will maintain 25.02 percent of shares, and the remaining 9.95 percent are the AMX’s own shares. The value of the transaction is about AMD 873 million, a part of which (about AMD 499 million) will be paid after signing the Share Purchase Agreement, and the rest, after completion of processes established by the Share Purchase Agreement.

The Warsaw Stock Exchange Group (GPW Group) operates trading platforms for shares, Treasury and corporate bonds, derivatives, electricity and gas, and provides indices and benchmarks including WIBOR and WIBID.

Armenia Securities Exchange is the only securities regulated market operator in Armenia. As an integrated exchange offering, AMX provides a full suite of services including listing, trading, clearing, information services and alternative market solutions. Currently 28 companies are listed in the AMX.

Berdzor is the lifeline to Artsakh from Armenia

The fate of villages in Artsakh, especially two in Berdzor (Lachin) hanged in the balance on Tuesday as Prime Minister Nikol Pashinyan made opaque remarks signaling that more Armenian territories might be conceded to Azerbaijan.

At current situation centers on roads that will bypass Berdzor, or Lachin. According to the November 9, 2020 statement signed by the leaders of Armenia, Azerbaijan and Russia, Artsakh will have a lifeline to Armenia through Berdzor. However, the stipulation is that new roads must be constructed that bypass the current Lachin corridor, as a portion of that territory is not occupied by Azerbaijan.

Azerbaijan has fast-tracked the construction of a road bypassing Berdzor (Lachin)

Azerbaijan signaled that it has fast tracked the construction of an almost 20-mile road, saying that the project is near completion. Armenia, on the other hand, is still in the planning stages of the project, according to Pashinyan, who said on Monday that Yerevan is awaiting assurances that Russian peacekeepers will monitor the area.
“Road construction must also be carried out in Armenia to reach such a solution. At this stage, we have already started work on the design. When there is a final understanding that we are achieving our goal, that is, we must have a faster and better way under the full control of Russian peacekeepers, yes, we will work toward such a solution,” he said.

But a more troubling statement by the prime minister has irked residents of Berdzor, who are insisting that they are staying put and no one can remove them from their homes.

During a virtual press conference on Monday, Pashinyan said that after the road bypassing Berdzor become operational, the settlements that fall outside of the Soviet-era Nagorno-Karabakh Autonomous Region, will fall under Azerbaijani control. Essentially, Pashinyan confirmed that several villages in Berdzor, among them Aghavno and Sus, will fall under Azerbaijani control.

Only after being asked about the fate of the residents of those villages did Pashinyan clarify by saying that the Armenian government will provide housing to potentially displaced Armenians of Berdzor, adding that Artsakh authorities were handling the issue of the Aghavno village.

“I think the problems of the residents of Aghavno village will be solved with the help of the Artsakh government. I cannot say about Sus, because I do not have that information at the moment,” said Pashinyan, adding that the matter will be settled based on the principle of whether the villages fall within or outside of the former Nagorno-Karabakh Autonomous Region,” he said.

Residents of the region are angry, mainly due to Pashinyan’s nonchalance and indifference toward these territories and their residents—a trait exhibited by the prime minister since the damning defeat Armenian suffered in the 2020 war.

Today, some 200 Armenian live in Aghavno. The head of the village, Andranik Chavushyan, told the RFE/RL Armenian Service on Tuesday the residents of the village not leave their homes under any circumstances.

He accused Pashinyan of not taking into consideration the desires of the residents and accused him of making empty promises when he promised housing to those soon to be displaced residents by saying that some residents who lost their homes during the were promised residences but never received them.

OSCE monitors along the Artsakh-Azerbaijan line-of-contact before the 2020 war

The role of the OSCE Minsk Group and its co-chairs, tasked with mediating a settlement to the Karabakh conflict, remains obscure after Russia insisted that the group had no further role to play in the matter, while the United States insisted that it is looking forward to the group’s continued work.

Days after Russian Foreign Minister Sergei Lavrov announced in Baku that because of posturing by the U.S. and France the Minsk Group had ceased its activities, the State Department’s Bureau of European and Eurasian Affairs on Tuesday accused the Russian co-chair of rejecting an invitation to discuss the future of Karabakh.

“The US Co-Chair of the OSCE Minsk Group spoke with her colleagues today to discuss the future of Nagorno-Karabakh. Unfortunately, the Russian co-chair did not accept the invitation. We look forward to continuing the work of the Minsk Group,” said a message posted on the State Department-affiliated group’s Twitter page.

The message also reflected a position voiced by U.S. Assistant Secretary of State Karen Donfried, who during a visit to Armenia earlier this month said that the U.S. would be willing to work with Russia to find a settlement to the Karabakh conflict.

Lavrov’s statements last week echoed the sentiments prevalent among Azerbaijani leaders, especially the country’s president Ilham Aliyev, who has on numerous occasion deemed the Minsk Group co-chairs’ mission obsolete.

During a virtual press conference on Monday, Prime Minister Nikol Pashinyan said he was surprised at Lavrov’s comments since he and President Vladimir Putin of Russia had issued a statement calling for the resumption of the Karabakh talks under the auspices of the OSCE Minks Group.

On Tuesday, Azerbaijan’s foreign ministry called on Yerevan “to not waste time on resuscitating” the OSCE Minsk Group.

In a statement, Azerbaijan’s foreign ministers said that Pashinyan’s statements about the normalization of Armenian-Azerbaijani relations “cast doubt on Yerevan’s ambitions to establish lasting peace in the region.”

“If Yerevan really wants peace, it should show political will and take concrete steps toward peace instead of wasting time on resuscitating a format, the effectiveness of which has always been low and whose members now openly admit its impossibility (of the OSCE Minsk Group).”

At the same time the ministry noted that “the statement by the Prime Minister (Nikol Pashinyan) that ‘opening of communications is beneficial for Armenia,’ signals a new approach from the Armenian leadership. It seems that Armenia needs time to accept the truth. We hope it will not take long for Armenia to realize the effectiveness of the ‘Zangezur Corridor,’ which has already become a reality.”

This portion of the statement is referring to a land corridor, proposed by Aliyev, that would connect mainland Azerbaijan with Nakhichevan—a matter that Yerevan has on many occasions unequivocally rejected.

Fariza Akmalova (left) and Adrina Kachaturian (center), recent graduates of the New American Leaders annual summit

DENVER—Two young activists in Colorado, selected and sponsored by the Armenian National Committee of America Colorado, recently graduated from the New American Leaders annual summit this month, which was hosted in Denver this year. Adrina Kachaturian, whose parents immigrated from Armenia, and Uzbekistan-born Fariza Akmalova recently participated and graduated from the highly-anticipated summit.

“We were pleased to partner with New American Leaders to empower immigrant youth in Colorado so that they can make an even bigger difference in their communities,” remarked ANCA Colorado board member Simon Maghakyan. “Adrina and Fariza may be from different ethnic and religious backgrounds, but they both represent the best of the immigrant spirit and a readiness to empower vulnerable communities through engagement, education, and coalition-building,” concluded Maghakyan.

New American Leaders is leading a movement for inclusive democracy by preparing first and second-generation Americans to run for office, win elections, and lead their communities. The recent summit in Denver, Colorado attracted dozens of new Americans from across the U.S. to learn from fellow immigrants and children of immigrants who are in positions of powers, including Colorado State Senator Julie Gonzales, Colorado State Representative Iman Jodeh, and Lafayette, Colorado Mayor Jaideep Mangat.

Scenes from the New American Leaders summit 2022

“New American Leaders is an incredible training opportunity for 1st and 2nd generation immigrants like myself that are considering running for office or getting more engaged in political organizing. It was an honor to represent the Armenian community at the June summit in Denver. Thank you, ANCA Western Region and ANCA Colorado, for making my participation possible,” said participant Kachaturian.

After in-depth sessions about political activism, participants of New American Leaders programs were given an opportunity to select an office they would like to run for one day. The best presentations were shared with the entire summit on the last day of the training on June 11.

Kachaturian’s campaign speech was for Colorado Attorney General and highlighted her parents’ hardships in making a living in the USA and working tirelessly to provide for their children, despite prejudice and mistreatment.

“Adrina and Fariza represent the next generation of leadership that the community needs. While keeping true to their roots and traditions, they both know how important it is to be civically engaged as new American leaders,” said New American Leaders mentor Maytham Alshadood, an Iraqi refugee and an alumnus of the program himself, who rose to serve as a Congressperson’s Deputy Chief of Staff. “Thank you, ANCA Colorado, for referring and supporting such talented youth.”

ANCA Colorado is a chapter of the Armenian National Committee of America-Western Region, which is the largest and most influential Armenian American grassroots organization in the Western United States. Working with its network of local offices and chapters throughout the region, the ANCA-WR ensures that the concerns of the Armenian American community are heard in the halls of government. All members of the community who are U.S. citizens are encouraged to support the Armenian Cause by voting in each election.