Higher inflation in Armenia speaks about additional inflation influenced by Russian economy- America

25.07.2022 19:55

YEREVAN, July 25, /ARKA/. The impact of foreign trade and remittances along with high rate of dollarization in savings makes exchange rate very important factor for the Armenian economy, according to the quarterly macroeconomic report ‘Impact of Regional Exchange Rates on Inflation’ released by Ameria advisory firm.

According to the report, in 2015-2019 AMD had the most stable exchange rate to USD among regional currencies (standard deviation to mean was less than 1%). During 2020, due to Covid-19 and Artsakh war and uncertainty after, AMD depreciated by 8.9% vs USD which was still one of the lowest indicators in the region: GEL: 15%, RUB: 20%, BLR: 24%, TRL: 25%, KZT: 10%.

AMD appreciated against USD up to pre-Covid level exchange rate in 2021. More or less stabilized economy and expectations (slowdown of post-war shock) along CBA measures (to mitigate inflation) and increased remittances and export (also due to copper price increase) supported AMD.

Another instability period for exchange rates started in 2022 after the start of Russian-Ukrainian conflict in late February. Most currencies in the region faced depreciation in February-March, mainly brought by depreciation of ruble, but since March 2022, the currencies have appreciated against USD.

There is linear trend between exchange rate and inflation change indicators: the higher depreciation of a currency, the lower inflation.

The largest outlier is Russia, where the largest appreciation of the currency accompanies with comparably large inflation. This is because other factors such as sanctions limited import and created deficit.

Without considering Russia (regression is stronger: R2=0.75), Armenia’s inflation is much higher taking into account the trendline for the region. In all other equal, current appreciation of AMD vs USD should have brought to much lower inflation. Higher inflation in Armenia (also in other countries which are above the trendline), speaks about additional inflation influenced by Russian economy. -0-


CNN Travel: 23 of the world’s best hiking trails


MONTHLY TICKET
Joe Minihane, CNN • Published 25th July 2022

Armenia's beautiful natural landscapes are best explored on foot.

Easily overlooked, Armenia has some of the best walking trails in Europe.
The 11-day Armenia and the Silk Road trip takes in some of its finest routes, connecting the UNESCO protected monasteries of Sanahin and Haghpat, passing over limestone peaks and through verdant forests, with the opportunity to hike in the wild Geghama Mountains and climb to the top of Aragats, the country's tallest mountain.

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Armenian News note: For the remaining hiking routes from around the world, please click on the link below

CNN lists Armenia among 23 of the world’s best hiking trails

Public Radio of Armenia
Armenia –

The CNN has listed Armenia among the 23 of the best hiking trails in the world.

“Easily overlooked, Armenia has some of the best walking trails in Europe,” the CNN writes.

“The 11-day Armenia and the Silk Road trip takes in some of its finest routes, connecting the UNESCO protected monasteries of Sanahin and Haghpat, passing over limestone peaks and through verdant forests, with the opportunity to hike in the wild Geghama Mountains and climb to the top of Aragats, the country’s tallest mountain,” the article reads.

Other hiking trails on the list include Pennine Way, United Kingdom; Camino de Santiago de Compostela, Spain; Appalachian Trail, United States; The Basho Wayfarer, Japan; Refugio Frey and Cerro Catedral, Argentina; Mount Toubkal, Morocco; Great Wall of China, Jinshanling section; Dragon’s Back, Hong Kong; The Dingle Way, Ireland; 10. Tergo La Trek, Bhutan; 11. Tahoe Rim Trail, United States; Lechweg Trail, Austria and Germany; Indus Valley, Himalaya, India; Bwindi Impenetrable Forest, Uganda; West Coast Trail, Vancouver Island; Percorsi Occitani, Maira Valley, Italy; Lares and Royal Inca Trail, Peru; Monteverde Cloud Forest Reserve, Costa Rica; The Lycian Way, Turkey; The Balkans, Montenegro and Albania; Cloud Forest trek, Laos; Cape to Cape Track, Western Australia.

Armenia, Iran consider establishing joint production of medical equipment

Public Radio of Armenia
Armenia –

Iran-Armenia joint industry, mining, and trade working group held a meeting on Monday in which the two sides discussed the implementation of agreements and memorandums reached in the last meeting of Iran-Armenia Joint Economic Committee, Tehran Times reports.

Hosted by Iran’s Trade Promotion Organization (TPO), the event was attended by TPO Head Alireza Peyman-Pak, Director-General of the TPO’s office of Central Asia, Caucasus, and Russia Rahmatollah Khormali, as well as Armenia’s deputy economy minister.

The parties discussed issues such as Iran’s export of engineering and technical services to Armenia, barter trade between the two countries, developing the north-south corridor, establishing joint industrial parks, and joint production of medicine and medical equipment in Iran as well as the exchange of pharmaceuticals.

While welcoming the idea of the joint production of medicine and medical equipment in Armenia, the Armenian side considered this project as an opportunity to enter international markets.

Also, referring to the 33 percent growth of trade exchanges between the two countries in the first five months of 2022, the Armenian deputy economy minister welcomed the establishment of Iran’s trade center in Yerevan and requested to send business and pharmaceutical delegations from Iran to Armenia to get to know their counterparts and hold B2B meetings.

Japanese trumpeter performs works by Armenian composer Alexander Arutiunian

Public Radio of Armenia
Armenia –

The concert by the Japanese trumpeter Mitsukuni Tsujimoto was held in Yokohama with the support of the Armenian Embassy in Japan.

Armenian wines and brandy were presented at the reception organized after the concert.

Addressing the event, Armenian Ambassador Areg Hovhannisyan thanked Tsujimoto for organizing the concert, emphasizing that the concert was held in the context of the 10th anniversary of Alexander Arutiunian’s death and the 30th anniversary of the establishment of diplomatic relations between Armenia and Japan.

The Ambassador also emphasized the continuous strengthening of cultural ties between the Armenian and Japanese peoples through cultural events.

Netflix film to feature Armenian vampire hunter characters from Glendale

Public Radio of Armenia
Armenia –

Netflix’s upcoming vampire action comedy film DAY SHIFT, starring Jamie Foxx, Dave Franco, and Snoop Dogg, is to feature Armenian vampire hunter characters, the Armenian Film Society reports.

The film centers on a blue-collar father who provides for his family as a San Fernando Valley pool cleaner, which is secretly a front for a union of vampire hunters.

Scott Adkins and Steve Howey are said to play the Nazarian Brothers, a duo of Armenian vampire hunters from Glendale.

DAY SHIFT releases on Netflix on August 12.

First Armenian church inaugurated in Spain

PanARMENIAN
Armenia –

PanARMENIAN.Net - A newly-built Armenian church has been inaugurated in Malaga over the weekend, becoming the first Armenian church in Spain, Armenpress reports citing the Pontifical Legation of the Western Europe.

The Vicar of the Pontifical Legation in Spain and Portugal, Very Rev. Father Shnorhk Sargsyan attended the event, which was presided over by archbishop Khajag Barsamian, the Pontifical Legate of the Western Europe and Representative of the Armenian Church to the Holy See.

At the end of the ceremony, the Holy Father addressed all those present and noted that the church should be the home of all Armenians and that everyone should take care of it and fill it with life.

The cleric also expressed his gratitude to everyone who came up with the idea of establishing the first Armenian church in Spain.

Turkish envoy visits province bordering Armenia

PanARMENIAN
Armenia –

PanARMENIAN.Net - Turkey's special representative for the normalization of relations with Armenia Serdar Kilic has visited Kars Province on the border with Armenia on Sunday, July 24, GazeteKars reports.

Kilic visited the ruins of Ani, the currently closed Turkish checkpoint in the village of Akyaka – a short distance from the border checkpoint on the Armenian side.

The same source reported earlier that Turkey has allegedly started to demine the area bordering Armenia, GazeteKars reports citing local residents.

Armenia and Turkey last December named special envoys to discuss the normalization of ties. Four rounds of talks followed on January 14, February 24, May 3 and July 1. During their last meeting, they also agreed on commencing direct air cargo trade between Armenia and Turkey at the earliest possible date and decided to initiate the necessary process to that effect.


Sargis, who lost both legs in Artsakh war, insists on moving forward

Panorama
Armenia –

Author Hasmik Hakobyan

War changes people, their lives and dreams. Sargis Harutyunyan, a soldier from Artsakh, lost his friends and both legs during the 44-day war in 2020, but when he was in hospital he made up his mind never to fall into despair, fight on and move forward.

Sargis was born in the village of Aknaberd in Artsakh’s Shahumyan region, which is about 70 km away from Karvachar. After graduating from school, he entered the Stepanakert Vocational School. After two years of study, Sargis was drafted into the army.

He had already been serving for 1.5 years when the war broke out. He served in Martakert and was on combat duty at the military position which Hero of Artsakh Robert Abajyan defended. On September 27, he was on duty when an alarm was sounded. Sarkis and his fellow soldiers thought it was just another alarm, but shortly afterwards the Azerbaijani military started shelling their military unit.

At first the troops were moved to shelters, two or three hours later they left them and headed to the combat positions. Sargis was at the Martakert positions until 22 October, then his unit was moved to Martuni, and later to Chartar, remaining there until the end of the war.

On October 28, Sargis fought his last battle. "We suffered a lot of casualties, but we refused to leave our post until the end," he says.

After suffering an injury, he was taken to the Martuni hospital, but on the way the ambulance overturned and he was taken to the hospital by a second car with great difficulty. The young man remembers that day in visceral detail as he was conscious. He lost it only when the hospital doctors said he had been saved. He opened his eyes already in the Stepanakert hospital and two days later he was transported to Yerevan. He stayed in Heratsi Hospital Complex until November 21, where he underwent three surgeries.

Sargis tries not to recall the hellish days of war, the pain stifles him when he recalls his dead friends… He tries to look forward and fight on.

Getting acquainted with Lieutenant-Colonel Sargis Stepanyan, head of the Federation of Disabled Athletes of Armenia and multiple European and world champion in armwrestling, was fateful for the Artsakh man. Thanks to his support, Sargis not only overcame his mental health problems, but also after getting prosthetic legs he started going to the gym founded by Sargis Stepanyan, fully recovered and then began to participate in competitions.

"The very first meeting with Sargis Stepanyan changed a lot in my life. Thanks to him I changed my outlook on life. After the prosthetics I started to recover and try my hand at armwrestling. Not only me, but also many of my friends followed his example. I do not know what would have happened if I had not met him, whether I would have been able to overcome my mental issues so quickly. I had never taken up sports before the war, but now I can't imagine my life without it," Sargis Harutyunyan tells Panorama.am.

He took part in armwrestling championships organized by the Federation of Disabled Athletes of Armenia, earning the champion’s title. Then he competed at the world and European championships.

Sargis Harutyunyan won gold at the 24th European & Para Armwrestling Championships in Bucharest in May, defeating his Turkish rival.

The next competition is scheduled to be held in September in Turkey. "We should definitely win. I defeated the Turk, we have to make sure we win in Turkey as well," Sargis says.

The Artsakh athlete is now thinking about achieving greater success in the sport. He does not exclude that he will work as a coach in the future, saying he sees his future in Artsakh.

Sargis got married a few months ago. His spouse, Tatev, is also from Artsakh. Together they try to support each other and overcome difficulties they face. According to him, during the war he lost his fellow soldiers, friends of childhood and youth. His wife's brother was also among the war victims. Sargis and Tatev dream of living and raising their children in Artsakh. Sargis’ parents are building a house for their son in Aknaberd.

"I only feel good in Artsakh and I must go back. My children must live in Artsakh. The presence of the enemy there is a matter of time. The enemy has no place in our land, now it is in Artsakh, but it won't stay there in the future," Sargis adds.

HayPost CEO Hayk Karapetyan leaves office

Panorama
Armenia –

Two years ago, on July 20, Hayk Karapetyan was appointed CEO of HayPost in order to carry out the digital transformation of the company. Huge changes were made at HayPost under Hayk Karapetyan's leadership both towards digital transformation and in the courses of human resources, tariffs, commercial, customer service, mail exchange organization and international areas, the postal operator said on Monday.

HayPost ecosystem was built under the five-year development strategy of HayPost adopted in 2020, affiliated companies were established, and many new products and services were launched: iNovation, HayPost Retail, HayPost Med, Ber-Ber, Armoteca, etc.

This stage of transformation successfully ends with the launch of the juridically certified mail. The cooperation between Hayk Karapetyan and HayPost finishes from 25 July.