Author: Andres-Papazian

GPM GOLD will begin construction of a processing plant
ArmInfo News Agency’s interview with Director General of GPM GOLD
Vladimir Kozlov.

by Arthur Yernjakyan

arminfo
Thursday, March 3, 19:15

GPM GOLD is one of the GeoProMining group of companies, which
operates Sotk gold mine and Ararat gold recovery plant. In 2010-2013
the company plans technical re-equipment of the mine and
reconstruction of Ararat plant. Within the framework of investment
program in the last year GPM GOLD signed a contract with the
Australian Core Resorce and Xtrata companies to introduce innovative
technology “Albion” at Ararat plant.

How was the last year for the company as a whole?

2010 was quite difficult for the company in the sense that upon
completion of the first quarter we had no raw materials. We had to
quickly adjust the plans for the year and the direction of mining
operations. The fact was that we expected more of metal extraction
from ore, but instead of the expected 60-70% we received 30-38%.
Accordingly it had a negative impact on economic performance and once
again convinced the company to accelerate the reconstruction of the
processing plant in Ararat. I would like to note that 70% of the ore
at Sot gold mine is sulfide ore, and the current technology of CIAL is
not designed for its efficient processing. We need to renovate the
plant to increase the rate of extraction and improve the economic
efficiency of mine operation. Despite all, last year we closed with
quite good results, reaching the monthly level of 80 kg of output of
Dore alloy.

Last year was remarkable for the facts that we started to work on the
reconstruction of plant and ordered the project for introduction of
“Albion” technology. Before the end of the last year we signed all
agreements, developed a reconstruction strategy, conducted all
prospecting work for all types of ore and determined the deadline for
a banking feasibility, planned the program for 2011 and starting date
of construction of the plant. In 2011 we should immediately proceed to
the construction works. With regard to the mine, we partially
modernized the equipment – now we operate 130-ton machines, purchased
the first in Armenia a new 10 cube excavator, ancillary equipments,
upgraded in 100% the bulldozer fleet and purchased a new boring rig.

In 2010 we developed the technology of mining of Gabbro ore. This is a
separate massif, which lies on the southern part of the mine. We had
many doubts about its mining, because the ore there is not very rich,
but studies showed that production from this part would be effective.
For this we need to employ methods of preliminary or mechanical
enrichment. In this regard, in late 2010 the project was drafted and
now construction of concrete crushing and sorting complex have already
begun, which enables mechanical separation of ore. By reducing
transportation volumes of ore, Gabromassif will become economically
cost effective. This will be the main focus of mining operations prior
to commissioning of “Albion” technology and the complete
reconstruction of the plant.

How much profit the company expects to receive in 2011?

If all plans for 2011 are successfully implemented, we expect to make
a profit. I would like to note that for a while the production costs
was higher than the market. Very high are the internal transportation
costs, which constitute 30-35% of the total production cost. Sotk mine
is located in 269 kilometers from Ararat plant. These costs can be
compensated only by increase of indicators of metal extraction and
the increase of raw material quality, which is supplied to the plant
for processing.

At what stage is the project of reconstruction of the plant?

In fact, the company’s investment program for reconstruction began in
2009, when plans of technical reconstruction were drawn up. In 2010 we
already started to buy mining equipments. Bankable feasibility study
on reconstruction of the plant is fulfilled by 60% and will finally be
ready in May/June of 2011. We will begin construction of the plant in
the Summer. Restoration of the flotation equipments, possibly will
start earlier. Main construction work will begin in late June, early
July of 2011. According to the schedule, in the first quarter of 2013
“Albion” technology will be put into operation.

Originally the sum of investments was known $ 100 million for
reconstruction of the plant, has the cost of the project changed?

Meanwhile we focus on that amount, but it’s a rough estimate, because
the final project is not ready. Perhaps the cost will be higher,
because prices for materials and services are constantly growing.

What part of the investment will be made in 2011?

Investments for 2011 total to about $ 10 million. Investments in only
“Albion” project are estimated at $ 4.5 million. In addition to the
construction, major investments will be used to purchase equipment.
Since the time of supply of equipments range from six months to a
year, then we can say that the peak of investments will be in 2012.

Could you tell the expected economic results after the introduction of
“Albion” technology?

We plan to bring the productivity of the mine and plant up to 1
million tonnes of ore per year. This includes mining and processing.
If we talk about amounts of gold production in ounces, then much will
depend on the metal content of ore. Tentatively, the content of mined
ore will be about 4-4,5 gr. metal per ton, since the sulfide ore
bodies are richer than the oxidized ore, on which we work today. In
regard to recovery of sulfide ore, with today’s technology it is
28-30%. After the Albion technology is put into operation extraction
from sulphide ore will rise to 80-82%. We see that the investments
will be effective.

What is the payback period of investments?

Now design institutes are considering two options for Sotk mine
operation. Approved gold reserves are now about 120 tons. Method of
mining will be combined, open pit and underground methods. It is
chosen the big pit option and its operation will last 14 years. Ore
reserves are 14-16 million tons. I think that in the coming years it
will be expedient to engage in an open mining, and only then proceed
to underground mining.

Will the company disclose its source of funding?

It is not a secret that the main creditor of the company GeoProMining
is the Russian bank `VTB 24′, which allocates funding under the
investment program. Loans are guaranteed by the group of companies
GeoProMining, head office of which is in Moscow.

Is there any environmental component of this project?

The current situation of the ecology is not bad. We follow all the
requirements prescribed by the RA legislation. Monthly independent
monitoring on environmental issues are held in Sotk and Ararat. A lot
of research work have been carried out in this regard. To assess the
environmental component of “Albion” project we have invited
independent experts of a well-known South African company Digby Wells.
They have a very high environmental requirements for “Albion” project.
We will conclude a contract with them to develop norms according to
high environmental standards. The project will undergo all kinds of
expertise, including environmental review.

Will the workplaces increase after modernization?

I must say that in 2010 we have already registered growth by 17,7% due
to increased productivity. In January 2010 the company had 639
employees, and in January 2011 – already 752.

After “Albion” technology is put into operation, the company will have
two new workshops, which will bring about increase of the number of
employees. Most of the jobs have been provided in mine, and about
10-15 new employees were hired to Ararat processing plant.

Is there a motivation for remuneration of labor and does the company
provide social packages?

The year 2010 was a landmark for us in terms of work with the
personnel. In order to increase people’s interest in the outcome of
the work, we applied a job-rate-with-bonus system. For the main
specialties at Sotk mine the size of bonuses is not limited. We have
developed indicators for each department and division, under which the
bonuses are paid. For each employee is set a planned target for the
next month, when the 80% of the plan is fulfilled, bonus plan begins.
For each percent of completion two percent bonus is calculated. Plus,
after 100% of the plan over-fulfillment, for each percent we pay 10
percent bonus from one hundred percent. This allows people, at normal
operations, to have a very decent salary. The average monthly wage of
production sector in January 2010 was 136 thousand drams, and at the
end of the year it reached 165 thousand drams.

We conclude contracts on production and health insurance for the
company employees. We are negotiating with Ameriabank on privileged
crediting for our employees. The company is developing strategies to
improve social welfare of its employees.

What social responsibilities does the company bear for the society?

Budget for social investment in 2011 is more than $ 380 thousand. We
plan several serious projects. This is the project of financing of the
culture house, valued at $ 328 thousand, which we carry out with the
Social Investment Fund and Gegharkunik region (marz) within the
framework of strategic partnerships for social development of the
region. In the budget for the current year are also incorporated
several social projects, which we developed jointly with the Embassy
of the Russian Federation in Armenia, as well as with local
authorities of towns Ararat and Vardenis.

From: A. Papazian

news.am, Armenia
March 4 2011

Armenia, Russia to try to get statement on peaceful settlement of
Karabakh conflict from Aliyev, expert says

March 04, 2011 | 13:48

The Armenian and Russian sides will try to get a statement on peaceful
resolution of the Karabakh conflict from the Azerbaijan President
Ilham Aliyev, Director of Caucasus Institute Alexander Iskandaryan
told a press conference on March 4, commenting on Presidents’ impeding
meeting in Sochi on March 5.

`However, it is unlikely to happen, as I see no reason for Aliyev to
make such a statement,’ he said.

As for the resumption of hostilities, the expert emphasized neither
Armenia nor Nagorno-Karabakh nor Azerbaijan with its belligerence want
to resume a war in the conflict zone.

Referring to the Russian side’s initiative to hold a trilateral
meeting, Iskandaryan stressed Moscow gained approval of the OSCE Minsk
Group Co-Chairs.

As Armenian News-NEWS.am reported earlier, Armenian president Serzh
Sargsyan will pay a working visit to Sochi on March 5. Within the
framework of his visit, Sargsyan-Aliyev-Medvedev meeting will be on
the initiative of Dmitry Medvedev. Karabakh conflict resolution will
be a focal point during the talks.

From: A. Papazian

news.am, Armenia
March 4 2011

Dashnaktsutyun: No breakthrough in talks until Stepanakert is left out

March 04, 2011 | 14:53

One should not expect progress from the trilateral meeting in Sochi,
leader of ARF Dashnaktsutyun Vahan Hovhannisyan told a briefing today.

He stressed there would be no movement until Yerevan resolutely
declares Stepanakert should be directly involved in the talks. `Until
Stepanakert is not directly involved, each Sargsyan-Aliyev meeting
will be traditional, nothing more,’ he said, adding he cherishes no
hopes that the conflict would be settled in the near future.

A traditional trilateral meeting of the Russian, Armenian and
Azerbaijani Presidents will take place on March 5 in the Russian city
of Sochi.

From: A. Papazian

PROF. RUBINA PEROOMIAN TO SPEAK ON ARMENIAN LIBERATION MOVEMENT
Dr. Rubina Peroomian

asbarez
Thursday, March 3rd, 2011

LA CRESCENTA-Prof. Rubina Peroomian will be the honorary guest speaker
on “The Significance of Atrpatakan in the Armenian Liberation Movement
” at Armenian Apostolic Church of Crescenta Valley, located at Western
Prelacy’s ” Dikran and Zarouhi Der Ghazarian ” Hall, at 6252 Honolulu
Ave., in La Crescenta, California on Sunday, March 20, 2011 at 1 pm,
following the church service. Prior to the lecture program, there
will also be a Requiem Service in memory of Atrpatakan’s Armenian
intellectuals and public servants at 11 a.m. Participating in the
cultural program will be Mr. & Mrs. Bogos Oganisyan and Zhanna
Khachatryan. This memorable program is a joint undertaking of Urmia
Armenian Society with Educational Committee of Crescenta Valley
Armenian Apostolic Church.

Rubina Peroomian is a Research Associate at UCLA, where she earned
her PhD. in Near Eastern Languages and Cultures. She has taught
Armenian Studies courses at UCLA, Glendale Community College,
and the University of Laverne. Her publications include: Literary
Responses to Catastrophe: A Comparison of the Armenian and the Jewish
Experience, and And those who Continued Living in Turkey after
1915, The Metamorphoses of the Post-Genocide Armenian Identity as
Reflected in Artistic Literature, as well as, Hayastane HHD-Bolshevik
Haraberutunneri Volortum, 1917-1921 (Translated and published in
Russian); a series of three secondary textbooks, Hay Tahd, for Diaspora
Armenian high schools, Haykakan Hartsi Patmutiun 9-10, for high schools
in Armenia. She has compiled and edited a teacher’s guide on how to
teach the Armenian Genocide to Armenian students in K-12 Armenian
schools. She has authored several research articles on the Armenian
Genocide and diasporan literature in English and Armenian in scholarly
journals and has contributed chapters in books. She has lectured
widely and made presentations in Armenian and international symposia.

In an e’poque of political reawakening, when Armenian secret cells were
mushrooming in the Ottoman and Russian empires, Atrpatakan Armenians
were still dormant, submerged in ignorance, living under the constant
threat of local Turks and Kurds. Atrpatakan, the Persian Azerbaijan,
was the unique socio-political milieu to give birth to Raffi the
revolutionary novelist and the harbinger of the Armenian liberation
movement. And very soon Raffi’s characters, Sarhat, Vardan, Aslan,
Karo, Farhat, Vorsord Avo, were reincarnated in an elite generation
with strong dedication to the Armenian cause, Nikoghaios Melik Tangian
was one of them. Atrpatakan in its proximity to Russian and Ottoman
Armenia became a bridge and a beehive of political and paramilitary
preparative activities, and many of these selfless devotees crossed
Atrpatakan to go to Erkir leaving a memory, a trait, a character
to remember.

As a result of concentration of manpower in Atrpatakan-cultural,
political and revolutionary-community life was bolstered.

Revolutionary activists assumed teaching positions in Tabriz, Salmast,
and Urmieh. Schools were opened in Muzhumbar, Maragha and Gardabad.

Atrpatakan Armenians developed a sense of sympathy and enthusiasm
toward the Sourp Gorts. They patronized the activists with financial
means and by interventing with the government when they were in
trouble. Were they only the facilitators with insignificant degree of
participation-as reflected in so many memories? What psychological
impact did the presence of these outsider Armenians leave upon the
Atrpatakan Armenians? Did that impact result in a lasting mindset?

The lecture will sketch the political history of Atrpatakan Armenians
in critical period between the initial years of burgeoning enthusiasm
for the liberation movement to their fervent support of the Iranian
Constitutional Revolution. Within the paradigm of Atrpatakan Armenians’
response to this history also lies the answer to the question above.

The general public is invited to participate in this special Requiem
Service and this interesting and very informative lecture and public
service program. Admission is free. There will also be a reception.

From: A. Papazian

MORE MEMBERS OF CONGRESS COMMEMORATE SUMGAIT, BAKU MASSACRES
Rep. Adam Schiff

asbarez
Thursday, March 3rd, 2011

“Mr. Speaker, just as we cannot allow the first genocide of the
twentieth century to fade into history, the memory of the victims of
Sumgait must not be forgotten either.” – Rep. Adam Schiff (D-CA)

WASHINGTON- In a series of floor speeches over the past two weeks,
Members of Congress have condemned Azerbaijan’s aggression against
the Armenian populations in Sumgait (1988) and Baku (1990), reported
the Armenian National Committee of America.

Congressional Armenian Caucus Co-Chair Frank Pallone (D-NJ) and
Representatives Jim Costa (D-CA), Anna Eshoo (D-CA), Adam Schiff
(D-CA) and Jackie Speier (D-CA) each offered moving remarks printed
in the U.S. Congressional Record, condemning the brutal attack on
Armenians by Azerbaijani forces and organized mobs in Sumgait from
February 27-29, 1988, and also in Baku in 1990.

“The 3-day massacre in the winter of 1988,” explained Rep. Schiff,
“resulted in the deaths of scores of Armenians, many of whom were
burnt to death after being brutally beaten and tortured. Hundreds
of others were wounded. Women and girls were brutally raped. The
carnage created thousands of ethnic Armenian refugees, who had to
leave everything behind to be looted or destroyed, including their
homes, cars and businesses.”

Rep. Jackie Speier Citing gruesome testimony by survivors describing
the Azerbaijani pogroms, Rep. Speier noted: “‘Tenants were dragged
from their apartments. If they tried to run and escape, the mob
attacked them.

The mob used metal rods, knives and hatchets, after which bodies
were thrown into the fire.’ But shockingly most of the Azeris who
committed these horrific acts and their accomplices in government
were not brought to justice.”

Rep. Pallone explained that “The Sumgait massacre is but one example
in a long line of Azerbaijan’s aggression and hostility against the
Armenian people. Just two years later, the disappearance of a 450,000
strong Armenian community in Azerbaijan was witnessed. While Azerbaijan
claims that events in Baku were about the liberation of Azerbaijani
people from the Soviet occupation, the truth is that Mikhail Gorbachev
had to send Soviet troops to the Azerbaijani capital to stop the mass
killings and deportations of Armenians organized by the Government
of Azerbaijan.”

Rep. Jim Costa Rep. Costa spotlighted the U.S. response to the
Sumgait massacres, stating “Within months of the Sumgait massacres,
the U.S. Senate unanimously passed Amendment 2690 to the FY 1989
Foreign Operations Appropriations bill (H.R. 4782) in July 1988,
concerning the Karabakh conflict and calling on the Soviet government
to ‘respect the legitimate aspirations of the Armenian people.’ The
amendment also noted that ‘dozens of Armenians have been killed and
hundreds injured during the recent unrests.'”

Rep. Eshoo detailed the very personal connection she has to
Azerbaijan’s ethnic cleansing campaign, stating, “My own family members
fled the slaughter of the Armenian Genocide under the Ottomans, and
when we learned of the massacres against Armenians in 1988, we saw
history repeating itself. These vicious acts of murder, targeted at
ethnic groups, must be forcefully condemned whenever and wherever
we see them. Yet 96 years after the slaughter, Congress has yet to
officially recognize the Armenian Genocide. Without our recognition
and our forceful condemnation, the cycle of violence will continue.”

Earlier this week Members of the U.S. House joined with Nagorno
Karabakh Republic Foreign Minister Georgi Petrossian in commemorating
the Sumgait and Baku pogroms at a Capitol Hill observance of these
crimes. Petrossian explained that, “On February 20, 1988, the people
of Karabakh expressed their will, and utilizing the relevant legal
framework, petitioned the Soviet authorities of the time to resolve
the Karabakh issue. The events in Sumgait took place exactly eight
days later. To this day, Azerbaijan argues that Sumgait and Baku were
a chapter in their struggle for independence from the Soviet Union and
that Armenians were somehow hindering that effort. The Bible says that
there is no secret which can be hidden permanently, and God willing,
the truth and the perpetrators of these heinous crimes will one day
be brought to light and justice.”

The Foreign Minister went on to note that the Sumgait massacres were
the beginnings of broad ethnic cleansing efforts in Azerbaijan that
the Azerbaijani government intended to extend to Karabakh as well.

“Every person, every nation, has the right to live free; every person,
every nation has the right to defend itself,” noted Petrossian. “The
people of Karabakh asserted that right – that God-given right –
and will never give it up.” Representatives Pallone, Eshoo, Elliot
Engel (D-NY) and Brad Sherman (D-CA) were among Congressional leaders
participating in this solemn commemoration.

The 23rd Anniversary of the Sumgait massacres and the ensuing
Azerbaijani onslaught against the Armenians throughout Azerbaijan,
including the Baku pogroms of 1990, were marked worldwide with protests
and observances held in Argentina, Belgium, Bulgaria, Canada, France,
Germany, Greece, Holland, Italy, Lebanon, Russia, Syria and the United
States, in addition to Armenia and the Republic of Nagorno Karabakh.

To learn more about the Azerbaijani pogroms against Armenians in
Sumgait and Baku, read the ANCA fact sheet.

From: A. Papazian

RPA: ARMENIAN AUTHORITIES NOT TO TOLERATE ULTIMATUMS

PanARMENIAN.Net
March 4, 2011 – 13:42 AMT 09:42 GMT

Member of the Republican Party of Armenia (RPA) Hovhannes Sahakyan
said that RPA considers the language of ultimatums to be unacceptable.

“We do not use it and will not allow using it towards us,” Sahakyan
said in his comments on opposition demands voiced during the March
1 rally.

He noted that Armenian President Serzh Sargsyan has stood for a
dialogue with the opposition since the very beginning of his tenure,
what is proved by numerous roundtables on the most important political
and economic matters.

Member of the ARF Dashnaktsutyun parliamentary group Lilit Galstyan
noted for her part that currently major part of the Armenian public
is represented neither in the parliament, nor in executive authorities.

“These forces are outside, thus, the authorities should not be
surprised with the fact that they try to solve their problems at
streets,” noted Galstyan.

She added that the authorities have contributed to polarization of
Armenia’s political field through the recent coalition statement.

From: A. Papazian

BANK VTB (ARMENIA) PROVIDES TRADE FINANCING FOR IMPORTS OF MOTHERCARE GOODS TO ARMENIA

/ARKA/
March 4, 2011
YEREVAN

YEREVAN, March 4, /ARKA/. Bank VTB (Armenia) said in a press release
it had provided trade financing for supply of goods for children of
the world famous MotherCare brand.

The Russian-owned bank said it offers a wide spectrum of banking
services for the purpose of integrated servicing of foreign
trade operations of its clients through guarantee operations and
international settlements in the form of documentary credits.

Thus, in 2011 February at the order of its client Prime League Market
Bank VTB Bank (Armenia) issued a banking payment guarantee in favor of
MotherCare UK Ltd. – the supplier of high quality goods for children
and pregnant women. The bank guarantee was issued for the purpose of
securing a new supply of the British company’s goods

According to the press release, at the order of its client Bank
VTB (Armenia) provides every type of banking guarantee and Stand-by
letters of credit used widely in international banking practice. Bank
grantees are used as a safeguard against risks and failure to fulfill
the contract terms.

Prime League Market company represents in Armenia the original products
of several famous companies. It runs a chain of stores in downtown
Yerevan and has been granted the franchise right by MotherCare,
Escada, Escada Sport and Spanish Mayoral.

From: A. Papazian

ARMENIA AFFECTED BY HIGHEST INFLATION GROWTH IN JANUARY IN CIS

/ARKA/
March 4, 2011
YEREVAN

YEREVAN, March 4, /ARKA/. An Armenian daily Hayots Ashkhar (Armenian
World) says in today’s issue that Armenia was affected by the highest
inflation growth of 2.8% in the first month of 2011 among some other
former Soviet republics which make the Commonwealth of Independent
States (CIS). Moreover, the Armenian inflation is even higher than
in European Union member countries, it says.

The daily says in terms of inflation rate Armenia has left behind even
Kyrgyzstan that topped the list of CIS countries by this indicator. In
2010 the Central Asian nation was hit by a 20% inflation. In January
2011 it was 2.7%, by 0.1 p.p. less than in Armenia. The daily says it
is apparent that high inflationary pressure migrated from January into
February as well. Thus, over the first two months of 2011 consumer
goods prices rose by 4.8% and the inflation for the 12 months rose
to 12.4%, the highest rate in Armenia over the last 15 years.

From: A. Papazian

GPM GOLD COMPANY PLANS TO RELEASE OVER $380,000 THIS YEAR TO FINANCE SOCIAL PROGRAMS

/ARKA/
March 4, 2011
YEREVAN

YEREVAN, March 4, /ARKA/. GPM GOLD company plans to release over
$380,000 this year to finance a variety of social-oriented programs,
the company’s Director General Vladimir Kozlov told ARKA news agency
in an interview.

He said part of the funding will be provided for continuation of
the construction of Culture House in Vardenis, launched in 2010. A
relevant agreement was signed on September 9, 2010 by the Governor
of Gegharkunik province, Russian GеоProMining group of companies
and World Bank Social Investments Fund.

‘We made the first disbursement in the amount of $28,000 last year
which was used to develop a complete renovation plan. GеоProMining’s
funding is $300,000 and the amount will be made available this year,’
Mr. Kozlov said, adding that the reconstruction will take two more
years.

He said the company’s budget has earmarked also financing for several
other social projects that were developed in concert with Russian
Embassy in Armenia and in cooperation with local self-government
bodies in Ararat and Vardenis towns.

Mr. Kozlov spoke also about the company’s social responsibilities,
saying it began concluding social security contracts with its employees
for 2011. He explained that the social package includes work, health
insurances well as medical service and examinations in accordance
with the Republic of Armenia legislation.

‘In addition to it we are negotiating with Ameriabank a privileged
crediting for our employees as an addition to wage project,’ he said.

In this connection Mr. Kozlov noted that last year the company
introduced a bonus system to encourage its employees at Sork mine
and Ararat gold recovery plant with no bonus limitations.

He explained that if 80% of the monthly plan is fulfilled, employee
bonuses are awarded at the rate of 2% for each 1% of the plan.

‘If the plan is fulfilled 100% the worker gets a 120% bonus. Besides,
the company will pay an additional 10% bonus for each over-fulfilled
percent,’ he said.

The Director General said also that the median wage in the sector
rose by 21% over the last six months of 2010 to 165,000 drams from
previous 136,000 drams.

GPM GOLD is operating Sotk gold mine and Ararat gold recovery plant .

It is part of Russian GeoProMining group of companies. GeoProMining
acquired 100% of Sterlite Gold Ltd from international Vedanta Resources
in 2007 September. Sterlite Gold Ltd was the only owner of AGRC that
was later renamed GPM GOLD.

From: A. Papazian

GAZPROMBANK AND AREXIMBANK-GAZPROMBANK GROUP OFFER MONEY TRANSFERS BETWEEN ARMENIA AND RUSSIA WITHOUT ACCOUNT OPENING

/ARKA/
March 4, 2011
YEREVAN

YEREVAN, March 4, /ARKA/. Russian Gazprombank and its Armenia-based
affiliate Areximbank-Gazprombank Group have launched a new service
for their clients offering money transfers between the two countries
without account opening via their international MasterCard plastic
cards.

Areximbank-Gazprombank Group said today in a press release that the
advantage of this new service is that a client may make a swift and
safe remittance from Armenia to Russia and vice versa and receive the
money through Gazprombank’s ATMs in Russia and Areximbank-Gazprombank’s
ATMs in Armenia without having to visit a bank branch. Remittances
will be made in Russian rubles only. In Armenia they will be converted
to Drams.

In 2010 the overall amount of individual money transfers between
Russia and Armenia totaled 6.298 trillion Drams and the number of
transactions rose to 26, 188. The introduction of this new service
is expected to increase the volume of remittances between the two
countries in 2011 by 5-10%.

Areximbank-Gazprombank Group (formerly Areximbank) was established
in 1998 to handle financial flows between Armenia and Russia. It is a
principled member of VISA International and MasterCard International
payment systems. In 2007 it joined Armenian ArCa payment system. The
bank is owned fully by Russian Gazprombank.

From: A. Papazian