ID Bank press release 

Moody’s Ratings has changed the outlook on IDBank’s long-term deposit ratings to positive from stable.

It should be recalled that Moody’s recently affirmed IDBank’s long-term deposit ratings at Ba3, as well as the Bank’s ba3 Baseline Credit Assessment (BCA) and Adjusted BCA, highlighting its solid capital and liquidity buffers, high profitability and continued improvement in asset quality.

The positive outlook reflects the improving operating environment in Armenia, which could contribute to a further upgrade of the Bank’s ratings. According to Moody’s, IDBank will maintain strong solvency and liquidity over the next 12–18 months.

IDBank’s long-term deposit ratings and Baseline Credit Assessment (BCA) are at the same level as the sovereign issuer rating of Armenia.

THE BANK IS SUPERVISED BY THE CBA

The Chief of the General Staff of the Armed Forces and First Deputy Minister of Defense, Lt. Gen. Edward Asryan, has held a meeting with squad leaders and other senior enlisted servicemembers.

The meeting focused on matters pertaining to military discipline and adherence to the code of conduct.

“During the meeting, issues related to strengthening discipline within the armed forces and combating harmful practices and negative phenomena affecting the military were discussed,” the Defense Ministry said in a press release.

Armenia’s Investigative Committee has announced that it has uncovered a case involving the alleged extortion of property worth $2.5 million and money laundering by businessman and Prosperous Armenia Party leader Gagik Tsarukyan and Sedrak Arustamyan, the former CEO of Tsarukyan-owned Multi Group Concern.

Both Tsarukyan and Arustamyan are already being held in pre-trial detention in a separate, unrelated criminal case.

According to the Investigative Committee, the new case concerns allegations that Tsarukyan and Arustamyan extorted a Lebanese-Armenian businessman’s 50% stake in a jointly owned company, valued at $2.5 million, by threatening violence in 2010. Investigators also allege that the two later concealed the criminal origin of the assets through transactions involving affiliated companies, amounting to money laundering on an especially large scale. Based on the evidence, both men have been charged with extortion on an especially large scale and money laundering.

Minister of Economy Gevorg Papoyan held a meeting with representatives of Global Tribe Gaming, an international entertainment and gaming company.

The company, in cooperation with the “Dvin” Hotel Complex and “Seven Visions Resort & Places,” plans to develop an international-standard gaming, hospitality, entertainment, and tourism complex in Yerevan.

The total estimated value of the project is approximately USD 500 million, of which USD 40 million is planned to be allocated for the development of adjacent real estate, including the construction of an additional hotel tower, Minister Papoyan said on social media.

The project is expected to create approximately 1,000 jobs.

The parties discussed the implementation of the investment project, as well as issues related to taxation, licensing, regulation, and payment systems in the gaming sector.

Papoyan’s Deputy Edgar Zakaryan, Enterprise Armenia CEO Gohar Abajyan, and Dvin Hotel Complex CEO Artak Tovmasyan also attended the meeting.

Armenian President Vahagn Khachaturyan awarded Armenian General Benevolent Union (AGBU) President Sam Simonian the 1st Class Order “For Services Rendered to the Homeland.”

The ceremony took place at President Khachaturyan’s office in Yerevan.

Simonian was recognized for his significant contributions to education, science, culture, economic development, and the preservation of Armenian identity, as well as for his long-standing and fruitful service, the President’s office said. 

President Khachaturyan congratulated Simonian, highly praising his long-standing patriotic service. The President wished him good health, new achievements, and continued success in his work.

YEREVAN, 6 AUGUST, ARMENPRESS. The Central Bank of Armenia informs “Armenpress” that today, 6 August, USD exchange rate up by 0.11 drams to 366.25 drams. EUR exchange rate up by 0.17 drams to 422.73 drams. Russian Ruble exchange rate down by 0.0152 drams to 4.4889 drams. GBP exchange rate down by 0.04 drams to 493.08 drams.

The Central Bank has set the following prices for precious metals.

Gold price up by 1456 drams to 49534 drams. Silver price up by 29.41 drams to 721.41 drams.

Armenian Economy Minister Gevorg Papoyan met on August 6 with Efe Celik, Regional Director of the international Subway brand, and Armenian investor Levon Hayrapetyan.

According to the Ministry of Economy, the meeting focused on the possibility of Subway entering the Armenian market and opening more than 60 outlets across the country.

The investment in each outlet is expected to range from approximately US$150,000 to US$300,000.

Company representatives said the project could help create new jobs, promote the development of an international franchising culture, increase the involvement of local suppliers, and introduce international standards in the food service sector.

Deputy Economy Minister Liliya Sirakanyan and Gohar Abajyan, Director of the Investment Support Centre Foundation, also attended the meeting.

Speaker of the National Assembly of Armenia Ruben Rubinyan held a telephone conversation with Chairwoman of the Federation Council of the Federal Assembly of the Russian Federation Valentina Matviyenko.

The two discussed issues related to the agenda of interparliamentary cooperation between Armenia and Russia, highlighting the importance of maintaining parliamentary dialogue and cooperation on matters of mutual interest.

They also discussed a number of issues related to the current stage of bilateral relations between Armenia and Russia.

Rubinyan said the unjustified restrictions on the export of Armenian goods to the Russian market were a matter of concern and stressed the importance of resolving the issue within the framework of the existing legal agreements between the two countries and the regulations of the Eurasian Economic Union.

The agenda of relations between Armenia and the European Union was also discussed.

Rubinyan noted that the referendum expected by the Russian Federation on Armenia’s accession to the European Union could become practically possible only after Armenia formally applies for membership of the European Union and the process enters a substantive stage.

The two reaffirmed their readiness to continue an open dialogue with a view to further developing interparliamentary cooperation and strengthening mutual understanding on issues on the bilateral agenda.

Armenian Ambassador to Japan Monika Simonyan attended a memorial ceremony marking the 81st anniversary of the victims of the atomic bombing of Hiroshima.

According to the Armenian Embassy in Japan, representatives from 121 countries joined senior Japanese officials and residents of Hiroshima this year to pay tribute to the victims of the atomic bombing and pray for lasting peace around the world.

On the eve of the ceremony, the ambassador also visited the Hiroshima Peace Memorial, where she laid flowers at the memorial to the victims of the atomic bombing.

An international sports festival for people with disabilities was held in Yerevan from August 1 to 5 on the initiative of the Yerevan Municipality, featuring 13 sporting disciplines.

The festival brought together athletes with different abilities, promoting inclusion, healthy lifestyles and the creation of new opportunities through sport.

Winners and prize-winners of the competition were awarded medals, trophies and certificates.