Category: 2022

 15:14,

STEPANAKERT, MARCH 15, ARMENPRESS. The authorities of Artsakh are reiterating that the reports alleging that fighters from the Republic of Artsakh are being taken to Ukraine to participate in the military operations are false.

President of Artsakh Arayik Harutyunyan’s spokesperson Lusine Avanesyan told ARMENPRESS that the reports are fake news.

“The circulation of such fake news will definitely not help to de-escalate the situation,” Avanesyan said. “I clarify once again, only a limited amount of humanitarian aid at the size of our ability was sent from the Republic of Artsakh to Ukraine through the Russian peacekeeping contingent stationed in Artsakh,” Avanesyan added.

Earlier the Artsakh Foreign Ministry issued a also denying the Ukrainian military’s General Staff statement that fighters from Artsakh are being taken to Ukraine.

 16:00,

YEREVAN, MARCH 15, ARMENPRESS. The opinions that there’s a risk of a new war are unfounded and aimed at causing panic, the National Security Service (NSS) Deputy Director Tigran Harutyunyan told reporters.

“These are unfounded and panic-spreading reports, at this moment we have no such information,” Harutyunyan said, referring to opinions in the press and social media that there is a risk of a new war.

Harutyunyan however added that war is always possible but right now there is nothing to indicate that a war will start soon.

 16:15,

YEREVAN, MARCH 15, ARMENPRESS. The Central Bank of Armenia has revised its forecast for the economic growth of the country for 2022.

The Bank now forecasts 1.6% economic growth for the year, President of the CBA Martin Galstyan said at a press conference today.

“The economic growth forecasts have been lowered from the previous 5.3% up to 1.6%”, he said.

The Central Bank says the impact of current sanctions against Russia on Armenia’s economy will be reflected by significant slowdown of the economic growth rates.

The decline in forecast is mainly conditioned by certain drop in the field of industry. “We were forecasting that the industry branch must have grown by 1.6 in 2022, however, under these new developments when we see that there are some problems in mining industry, processing industry, the industry branch is set at -4.7%”, he said.

There is also a certain decline in construction field, and accordingly the Central Bank is forecasting 7% growth for this branch compared to the previous 16.8% forecast. The forecast for the growth in services has also been lowered from 5.9% to 3.2%. The only sector that will have some positive development based on the previous forecasts is agriculture.

While forecasting the growth in the GDP, the Central Bank took the fiscal policy that was supposed to be before the shock. Change in the fiscal policy is not reflected yet in this forecast of the GDP.

 16:41,

YEREVAN, MARCH 15, ARMENPRESS. According to the Central Bank of Armenia, an inflationary impact is mainly expected from the external sector on the economy of the country. At the same time, the Bank says that the deviation risks of inflation from the predicted horizon are mainly balanced.

During today’s session the Board of the Central Bank decided to raise the re-financing rate by 1.25%, setting it at 9.25%. In February 2022, both the 12-month and the normal inflations have declined in accordance with the CBA forecasts, comprising 6.5% and 6.4% respectively.

Due to the current sanctions against Russia, uncertainty with fluctuation of financial markets and economic prospects has significantly increased in the external sector. Slowdown of economic growth rates is expected this year in US and Eurozone, whereas in Russia – an economic decline.

“At the same time, the current disruptions of supply chains in international commodity markets resulted in major increase in prices. This is reflected by creation of a higher inflationary environment compared to what was expected in partner states. As a result, mainly inflationary impact is expected on the Armenian economy from the external sector. The impact of sanctions against Russia will be reflected on Armenia’s economy by significant slowdown of economic growth rates. This will mostly take place at the expense of drop of industry branch”, the Governor of the Central Bank Martin Galstyan said.

Positive developments are expected from the tourism sector. According to the CBA chief, the increase of the region’s geopolitical risks and high uncertainty led to the increase in fluctuation in Armenian financial markets. These uncertainties have also been reflected in the behavior of inflation and inflationary expectations.  

“In such situation the CBA Board finds it appropriate to raise the refinancing rate by a relatively big step. The Board estimates that it will consider the need to tighten the monetary terms in the future in the event of uncertainty with the economic prospect and maintenance of risks of increase in inflationary expectations. As a result of such policy actions, the 12-month inflation will gradually decline and will approach the targeted 4% in the predicted horizon”, the Governor said.

He assured that in case of any risks, the Board will adequately respond and ensure the goal of price stability.

 16:52,

YEREVAN, MARCH 15, ARMENPRESS. The 3^rd ArmHighTech International Exhibition of Defense Technologies will take place March 31 – April 2 at the Karen Demirchyan Sports and Concert Complex in Yerevan.

Leading defense companies and manufacturers of special technical equipment and security systems from CSTO member-states and other countries will participate in the event.

The session of the CSTO executive body will take place within the framework of the event.

The exhibition is organized by the Ministry of High-Tech Industry of Armenia, and co-organized by the Defense Ministry and the Yerevan Factory of Mathematical Machines and the Bison Union of Exhibition Companies.

 17:00,

YEREVAN, MARCH 15, ARMENPRESS. The Armenian banking system has no problems regarding foreign payments, Central Bank Governor Martin Galstyan said at a press conference when asked whether or not Armenian banks were impacted after Russia was banned from SWIFT.

During his previous press briefing, when Galstyan was asked about the possible effects on Armenia if Russia were to be disconnected from SWIFT, the cenbank governor said the effect would be “heavy”. However, now he argues that afterwards the cenbank implemented some works. “I think we were right to be proactive in this matter. As of this moment, fortunately, the Armenian banking system has no problems with foreign payments,” Galstyan said.

According to estimates of the Armenian cenbank, Russia’s economy will decline 6%, which would in turn have significant effect on Armenia.