Israel’s recognition of the events of 1915 as the Armenian Genocide

—

CC: Council of Europe Investigating Armenia Banning Blogger Lapshin’s Entry

—

168: “Europeans will come to Armenia, they will say sweet words, but in difficult times, okay

July 13, 2026


Azerbaijani media reports from time to time that regular “sessions” regarding the complaints of illegally held Armenian prisoners are taking place in the Baku Court of Appeal.

It is noted that the lawyer of the former president of Artsakh, occupied by Azerbaijan, Arkady Ghukasyan, called on the court to cancel the “sentence” of his client and acquit him. In his speech, the lawyer presented justifications.
Davit Babayan, the former foreign minister of occupied Artsakh, gave a speech during the “session”, declaring again that he does not recognize himself as guilty.

Vahram Balayan, former vice-president of the Artsakh National Assembly, member of the Central Committee of the ARF Artsakh he does not have any expectations from the previous one, as well as from this “trial” process.

“Unfortunately, we do not believe that a fair trial can take place in Baku, because everything is politicized, and there they aim to justify their actions against Artsakh Armenians and Artsakh. In other words, they want to show that they “liberated the land” and the military-political leadership of Artsakh is a “military criminal”. In Azerbaijan, as always, they distort the reality and present it to the whole world.

Read also

  • The general said that it is possible that the opposition has put something up against the wall… Nazik Amiryan
  • KUCHI KRIV, RAZBIRAT, TERROR… people, is this what you wanted, was it unconditional to fight with Russia to make jam, sell apricots and roses in Europe? Artur Khachikyan
  • RA citizens are consistently turned into residents. Lilith Bleyan

Unfortunately, in many cases the world is indifferent to all this, we have witnessed this many times during the developments of both 2020 and 2023. Today, the world sees only Baku’s oil and gas.” 168.amVahram Balayan said in a conversation with

According to his definition, the world is guided by its own interest, not by accepted international laws, the world is only interested in its own stomach, the rest are just words.

“I have always said, and I repeat now, that Artsakh has nothing to do with Azerbaijan and its territorial integrity. Taking all this into account, we do not have any positive expectations from the ongoing judicial process in Baku,” added our interlocutor.

Regarding the visit of high-ranking EU officials to Armenia and the protest actions that took place during their visit, during which the issues of political prisoners in Armenia and Armenian prisoners held illegally in Baku were raised, Vahram Balayan noted that it is unlikely that Europe will enter into a conflict with Azerbaijan for the interests of the Armenian people, especially with Turkey, because the issue of Artsakh should not be separated from Turkey, because it is no coincidence that Erdogan he attributed the usurpation to himself.

“Turkey was interested in conquering Artsakh, because whoever conquered Artsakh would conquer the entire Caucasus, unfortunately, that’s how it happened. From this point of view, Europe will not worsen relations with Turkey for our sake. In fact, they are allies, therefore, there are no expectations in terms of restoring justice and respecting people’s rights.

Of course, the Europeans will come to Armenia, they will say sweet words, they will say that Armenians are the first Christian nation, but in difficult moments they will say, well, what can we do, in the best case, they will send a telegram of condolence to Armenians,” emphasized Vahram Balayan.

It should be noted that on May 26, the appeals court of Baku started the examination of complaints filed by the public defenders of 15 illegally convicted Armenian prisoners, including the former leaders of Artsakh.

Let’s remind that on February 5, it became known that the military and political leadership of Artsakh, except former presidents Arkady Ghukasyan and Bako Sahakyan, were all sentenced to life imprisonment by the Baku military court. Arkadi Ghukasyan and Bako Sahakyan were sentenced to 20 years in prison, taking into account their age.

Let’s also remind that on September 19, 2023, after the war started against Artsakh, Azerbaijan captured the former high-ranking military and political leadership of Artsakh from September 27 under the threat of killing civilians.

—

There is no politics in Armenia. is only violence

July 13, 2026


If by some miracle the “faces” of Ancient Greece appeared in today’s Armenia, they would undoubtedly first record that their democracy does not exist in our country.

Moreover, they would not have missed the fact that today’s Armenia is more like a tyranny.

However, they would not stop there. Analyzing the current political and social life of our country, they would make two more important diagnoses, one of which I will talk about now.

There is no politics in today’s Armenia. This bitter truth would not escape the eyes of the wise. Instead of politics, we witness violence, from verbal to physical. If everything is clear in the sense of physical, then it is necessary to explain a little more about verbal violence.

Read also

  • Under dictatorship, you cannot rely on the law enforcement system, it serves only one person. Elinar Vardanyan
  • Political loyalty in exchange for the economy. the insoluble knot of Armenian-Russian negotiations
  • Iranian concerns about TRIPP remain. What “mechanism” is Tehran looking for?

After 2018, political discourse is increasingly replaced by shouting, and these are not a sign of discussion, but of violence. At the initiative of the ruling regime, the relationship between the government and the opposition was filled with noise instead of content, and this game is unequal, because even in this “sport” imposed by them, when the government gets hit back, its response is dishonest. the war of words turns into actual physical violence against the opposition.

Figuratively speaking, the regime first turns the political fight into MMA, and then, when the other party resists with the new rules, trying to defend himself with MMA methods, he is removed from the ring by “security” forces.

The political life of our country is antagonistic, and antagonism leads to conflicts, conflicts to violence, violence to the end of politics. This is the matrix of modern authoritarianism. outwardly pluralistic, ultimately repressive.

And this is anti-political, because politics is inherently, inherently about differences. Doing politics means dealing with differences.

The current antagonistic model is Pashinyan’s conscious choice in the hope that the authorities have an undisputed advantage in the event of violence: a state monopoly on violence.

However, this is a flawed calculation, because the moment is inevitable (proved by many cases in history, – A. A.) that in case of prolonged and illegitimate abuse of the monopoly of violence by the government, that constitutional monopoly ceases to be a restraining factor for the constitution maker, the people, which becomes destructive for the entire state.

Of course, antagonism has an alternative, which the Greeks called agonism, when political conflict is limited to content, ideas, and competing values. But since in this game the ruling regime is playing in white, it is he who has chosen antagonism as a model and purposefully replaces real politics, which implies fair competition, with violence, where he has in his hands the constitutional and de facto lever of monopoly.

We will talk about another diagnosis given to modern Armenia by the ancient Greeks in the next publication.

(To be continued…)

ARMEN ASHOTIAN

Vice President of RPA

“Vardashen” Prison

11.07.2026



—

Serzh Sargsyan and Barsegh Beglaryan may not be present at the trial of their case

July 13, 2026

Today, the Anti-Corruption Court, under the leadership of judge Sargis Dadoyan, is holding another court session with joint criminal proceedings.

Let’s remind that the powers of judge Givi Hovhannisyan in this case have been suspended, and now Sargis Dadoyan will continue the trial.

The case of the so-called “Diesel”, the resurrected fake, by which President Serzh Sargsyan was already acquitted once, is being investigated.

It should be reminded that the authority of Vahe Misakyan, the judge who acquitted Serzh Sargsyan in this case, has already been terminated under another pretext.

Read also

  • Considered a dictator, Aliyev “warns” Pashinyan that dictatorship rarely ends well
  • Within the framework of which law is it possible to release dozens of NSAs on a person, to target animals? Is the professional dignity of the Prosecutor General not hurt? Zhanna Aleksanyan
  • They turned the army into a place of exile. they are so stingy, they didn’t take “Iskander” to the military parade, because it was brought by Serzh Sargsyan. Tigran Abrahamyan

At the beginning of the previous court session, defense attorney Amram Makinyan reminded the court again that during the preparation of the materials, the deadlines for the initiation of the case were violated, and this was recorded by the Appellate Court.

Next, the court moved to the stage of examination of the evidence, the order and order of their examination.

The public prosecutors presented their order of examination of the evidence.

At today’s court session, the defense attorney of the 3rd President of the Republic of Armenia, Serzh Sargsyan, Amram Makinyan, requested to conduct the court sessions in the absence of Serzh Sargsyan, in the presence of the defense attorneys.

“At the same time, we undertake to dutifully ensure Serzh Sargsyan’s presence at court hearings if necessary,” said Amram Makinyan.

Barsegh Beglaryan also made a similar motion.

The court granted the motion and allowed not to appear in the court hearings during the trial, that is, at the stage of examining the evidence. The court session was adjourned. The next session will be held on September 10 at 3:30 p.m.

Details in the video.




—

Aliyev’s new message: Baku reaffirms its vision of regional order

July 13, 2026


At the 4th Shushi Global Media Forum, Azerbaijani President Ilham Aliyev made a statement that reflects Baku’s current understanding of the regional security architecture of the South Caucasus.

Referring to the “3 3” format, Aliyev noted.

“Today, at the current stage, it is important that “3 3″ be a full six-way cooperation. As long as Georgia does not join, at least five-sided, but with a very clear agenda. It is important so that this mechanism does not turn into another Minsk Group, which will deal exclusively with Azerbaijani-Armenian issues. The format should include issues related to the entire region with the participation of Russia, Iran, Turkey, Armenia and Azerbaijan on the principle of equality.”

According to Aliyev, it is this concept that Azerbaijan considers as a priority today, and if it is acceptable to other capitals, it will be possible to hold a five-way meeting at least at the level of foreign ministers.

Read also

  • The vain hopes of the EU and the loss of the Russian market. numbers
  • They put him on a needle, the peasant is knocked down… why are the animals dying?  go, see whose pepper they exported. Ashot Harutyunyan
  • Fitch reaffirmed Armenia’s rating at “BB-” level. The IT sector and the launch of the Amulsar project will contribute to RA’s economic growth

This statement once again shows that Azerbaijan considers “3 3” not as a platform for the regulation of Armenian-Azerbaijani relations, but as a regional cooperation mechanism, the agenda of which should include security, economic, transport and political issues without Western mediation.

Aliyev’s emphasis on the fact that the format should not turn into a “new Minsk Group” testifies to Baku’s continuous aspiration to exclude the restoration of such multilateral mediation mechanisms, which may involve actors whom Azerbaijan considers to have a more favorable position towards Armenia.

This approach fully fits into the logic of Azerbaijan’s foreign policy in recent years. After the 2020 war, Baku consistently claims that the Nagorno-Karabakh conflict is over and the mission of the OSCE Minsk Group is over. For this reason, Azerbaijan prefers either bilateral negotiations or regional formats, where Western actors are not represented and cannot influence the negotiation process.

168.amin a conversation with Russian political analyst Alexander Khramchikhin noted that Russia and Iran continue to be the most interested parties in maintaining and activating the “3 3” format.

According to his assessment, both countries consider the expansion of Western influence in the region as a process contrary to their strategic interests, so “3 3” is an important tool for them to maintain and strengthen their own political influence.

“For Moscow, it is an opportunity to maintain its political presence in the South Caucasus, especially in the conditions when there is tension in Armenian-Russian relations, and the European Union has increased its activity in the region. This format is also important for Iran, as it provides an opportunity to directly participate in regional communication and security processes and limit the influence of extra-regional actors,” Khramchikhin said.

At the same time, according to the expert’s assessment, there are still serious political obstacles on the way to the full launch of “3 3”. Georgia does not participate in the format due to its conflicts with Russia, as a result of which the initiative actually operates in a five-party format.

According to Khramchikhin, this testifies not only to the structural limitations of the format, but also to the fact that there is still no full agreement among the participating countries on its political goals.

It is noteworthy that the next ministerial meeting of the “3 3” format was planned to be held in Yerevan or Baku, but it has been postponed for a long time, and no new date has been announced. This is due not only to regional geopolitical changes, but also to the lack of confidence regarding the format’s effectiveness and future role.

Nevertheless, Russia and Iran are still interested in its reactivation.

In general, Aliyev’s statements can be considered not so much as an impetus for the quick restart of “3 3”, but as another conceptual formulation of Azerbaijan’s regional policy.

Baku continues to insist that the security and cooperation system of the South Caucasus should be formed exclusively with the participation of regional actors, minimizing the involvement of external mediators. However, the viability of this approach will depend not only on the position of Azerbaijan, but also on the political decisions of Armenia and Georgia, as well as on the further developments of the ongoing geopolitical competition between Russia, Iran, Turkey, the European Union and the United States.

—

Pashinyan’s and Aliyev’s methods of combating hybrid threats

July 13, 2026


Kaia Kalas, High Representative of the European Union for Foreign Affairs and Security Policy stated that during the meeting to be held in Brussels, EU foreign ministers will approve the creation of a new EU mission for Armenia, which will fight against hybrid threats.

“We will also agree on a new partnership mission for Armenia: to combat the hybrid threats, foreign information manipulation and interference that they actually face.” he emphasized.

What Callas means, or which country he says is its source, is more than clear. It is not a secret where Nikol Pashinyan’s government sees hybrid threats from.

Baku has also always talked about hybrid threats, and at some point it saw them from the Kremlin, now the arrow of accusation in the direction of various Western or European countries: Brussels, France, Poland, etc. Moreover, Azerbaijan considers any initiative of the former military-political leadership of Artsakh held in Baku as a hybrid threat.

Read also

  • The vain hopes of the EU and the loss of the Russian market. numbers
  • All witnesses in the case of General Araik Harutyunyan were questioned
  • The turn of people’s forced disappearances will come…but…dictatorships end with people’s self-judgment. pray, dream, light a candle to be judged. Aram Orbelyan

But in this particular case, the problem lies in the methods of combating hybrid threats of Armenia and Azerbaijan, although there are differences in terms of content and targets.

For example, Armenia expects financial resources from the EU to fight against hybrid threats, which, as the author, Pashinyan can see the opponents, and the question is whether it is against the national interests of the state or Nikol Pashinyan’s political interests. And it is interesting that the RA authorities ignore the hybrid threats coming from Azerbaijan against Armenia, and sometimes even against Nikol Pashinyan.

What is Aliyev doing? he regularly organizes “tours” of representatives of different countries to occupied Artsakh: diplomats, military attachés, journalists, etc., or he organizes international forums on various topics, where he injects Azerbaijani theses. We still put aside the Azerbaijan-Turkey joint information platform and similar agreements between the Turkish states.

And the last fresh fact. An international media forum was organized in occupied Shushi, in which about 300 participants from 60 countries took part, and after his speech, Aliyev answered the questions of the audience and promoted several important theses for Azerbaijan.

■ First, first the Baku propaganda machine leaves Pashinyan with the responsibility for possible regional upheavals and clashes between the main players, noting that Nikol Pashinyan’s rule is turning Armenia into an arena of violent confrontation between Russia and the West, and then announcing during the international media forum convened in Shushi that the South Caucasus should not become a field of geopolitical confrontation, and that he managed to prevent his country from being drawn into geopolitical in intrigues. They put everything in the right order, didn’t they?

Then Aliyev added, that after the 44-day war of 2020, the South Caucasus has “changed dramatically”, and subsequent events, including the restoration of Azerbaijan’s territorial integrity and “Armenia’s European integration aspirations and the circumstances accompanying that process”, dictate the need for a rethinking of the South Caucasus, both by analysts and by statesmen.

It is no secret that Azerbaijan and Turkey are of the opinion that the format of “3 3” cooperation (Azerbaijan, Armenia, Georgia and Iran, Russia, Turkey) should deal with the problems of the entire region. And, perhaps, it is in this logic that Aliyev emphasized during the Mediforum that the relations between Baku and Moscow are completely regulated. In other words, Baku has clearly conveyed its message to the West, Armenia, and Russia.

■ Second, Aliyev called on his neighbors for peace to prevent their conflicts from turning into a global conflict. In other words, Baku has accepted that the Iran-US-Israel conflict presents it with a choice, but it is able to face it, keeping the region from unnecessary upheavals. And everything is not over yet.

“Unfortunately, the threats in our region today are quite real. We don’t read about it in books, we see it in real life.

In short, we are We must expand our capabilities, strengthen our defenses, protect our national interests, and strengthen practical cooperation with as many countries as possible.” Aliyev stated, admitting that they have no right to be “idle” in terms of strengthening the army’s capabilities, that is, he explained the reason for their arming and its justification.

In particular, the president of Azerbaijan singled out cooperation with China in the defense sector. Aliyev said that Azerbaijan has already purchased a number of military products from China. Some of them were shown during the military parade dedicated to the fifth anniversary of our Victory. The rest are currently being delivered, and some projects are still under discussion.

Note that in November 2025 at the military parade in Baku to be displayed are Chinese long-range HQ-9BE anti-aircraft missile complexes.

And Aliyev also clearly warned that: “Azerbaijan and Turkey are not only brotherly and friendly countries, but also allies.”

“In the event of a threat to one of the parties, the other will use all its potential, including military, to protect the fraternal state.” he emphasized, referring to Shushi’s declaration.

In other words, as the dictator of Baku told the settlers during his visit to the occupied Martuni region a few days ago, “I believe that there will be no need to use the Iron Fist anymore, but everyone should know that it remains in place.” In essence, he says, they want peace, but they do not exclude the possibility of any war, that is, their preparation has not been pushed out of Baku’s political agenda.

■ Third, naturally, in the context of the settlement process of the Karabakh conflict, Aliyev placed the demands of Azerbaijan in the logic of international law, giving “legal force” to the start of the 44-day war.

It should be noted that Aliyev also attended the 8th European Political Community Summit in Yerevan had announced the same thing that the 4 resolutions of the UN Security Council remained on paper for 30 years, so there was nothing left but to achieve their implementation by force. In other words, Aliyev is telling the international community that they should come to terms with new realities and their status as a middle power.

And what is Nikol Pashinyan doing? For example, he instructs the army that it should take into account the new realities, that it should be called not combat-capable, but defense-capable. But do the new realities suggest that you should not have a combat-ready army and be afraid to use that word in general? Do the new realities dictate that you first declare that you have 200 square kilometers of occupied territory, and then question the Armenian identity of some of them? Don’t the new realities require a mirror process, no matter how much the other side is the winner?

Do the new realities require changing one’s own constitution, when the other side of the peace agenda maintains territorial claims to the recognized Republic of Armenia in its constitution, or to carry out the demarcation and demarcation process under unequal conditions? Or, he numbs the resistance of young people, changes values, when the leader of Azerbaijan urges the young people of his country the following.

“For the Azerbaijani people to live as an eternally proud, victorious nation, national identity and national dignity should be above everything else.

But you must never bend, you must never break.
You should never agree with the “occupier”.
You should not obey the dictates of the “occupier”.
If necessary, even if you die, you should live with dignity, instill this in your children, grandchildren and generations.
Our future development will depend on the young generation.
In 20, 30, 50 years, they should be like us: devoted to the motherland, resilient, strong, so that Azerbaijan will always be at the top.”

Now you say, does all this have to do with hybrid warfare or threats?, of course it does. Aliyev faces the hybrid and information war by generating his own theses among the international community, and he does it, as we mentioned, in a cunning way, while preparing his own youth for any scenario.

Why does Armenia not adopt such a tactic, why does the Armenian government, which speaks of sovereignty, constantly deploy some missions in its territory, where, naturally, there is a risk of conflicting interests of superpowers?

It should be noted that the main goal of the international media forum organized in the occupied Shushi, in the mass media and the information field, is “retelling the historical truth and forming appropriate narratives based on verified facts”.

It is not difficult to guess what historical truth we are talking about, and there was a time when the international press wrote about the Armenian Genocide.

In terms of the Karabakh conflict, we have always had gaps in terms of conveying the Armenian position and making it understandable.

—

Azerbaijan and Turkey have 3 problems between them: Cyprus, Israel and… Alexander Is

July 13, 2026

168TVof “Trigger” the guest of the program Director of the Caucasus Institute, political scientist Alexander Iskandaryan is

The program discussed Israel’s recognition of the 1915 Armenian Genocide and official Yerevan’s response to it, relations between Israel and Turkey and their possible impact on Azerbaijan and the region, Armenia’s internal political situation after the parliamentary elections, the arrests and arrests of opposition representatives, the political and economic challenges facing the country, the prospects for the election between EAEU and the European Union, European Commission President Ursula von der Leyen’s visit to Yerevan, Nikol Pashinyan’s talks with Russian Prime Minister Mikhail With Mishustin in Yekaterinburg, as well as the political reaction to the Vovan and Lexus prank, which was related to the issues of Armenia’s relations with the European Union and the situation created around Catholicos of All Armenians Karekin II.

Read also

  • The vain hopes of the EU and the loss of the Russian market. numbers
  • We cannot rule out that Russia will continue to deteriorate its relations with Armenia. Political scientist
  • “Why Gagik Tsarukyan? The bell of all this will ring at the end of the year.” Stone technologist

Hayk Derzyan




—

Fitch reaffirmed Armenia’s rating at “BB-” level. RA economic growth

July 13, 2026

Fitch Ratings rating agency reaffirmed The Long-Term Issuer Default Ratings (IDRs) of Armenia in long-term foreign currency and national currency are at the “BB-” level, maintaining the positive outlook (Positive Outlook). At the end of the analysis, a complete list of ranking actions is also presented.

The positive forecast reflects the growth of Armenia’s international reserves, the continued stable economic growth, which will contribute to the stabilization of the public debt in the medium term, as well as the prospects for the improvement of long-term geopolitical risks.

The framework of peace formed under the auspices of the USA with Azerbaijan has significantly reduced the risks of escalation of military tension in the near future. However, there is still uncertainty regarding the successful conclusion of the peace process, including in the context of a possible constitutional referendum.

It is also noted that the growing diplomatic tension with Russia continues to create risks for Armenia’s economy, especially considering the country’s significant dependence on Russian energy imports.

Read also

  • The vain hopes of the EU and the loss of the Russian market. numbers
  • They put him on a needle, the peasant is knocked down… why are the animals dying?  go, see whose pepper they exported. Ashot Harutyunyan
  • Aliyev’s new message: Baku reaffirms its vision of regional order

Economical of growth stable In the outlook section, Fitch notes:

Armenia’s economy grew by 7.1% in 2025, continuing the high economic growth trend of the previous few years. Fitch Ratings forecasts that real GDP growth will slow to 5.2% in 2026, but it will continue to significantly exceed the BB-rated average of 2.9%.

The relatively low dependence of Armenia’s economy on oil limits the possible impact of the war in Iran on the country’s economy. At the same time, the economic consequences of the import restrictions imposed by Russia still remain uncertain.

In order to mitigate possible negative impacts, the Armenian government and the European Union provide exporters with financial support and tariff preferences.

By the way, according to Fitch, the IT sector and the start of operation of the Amulsar gold mine will contribute to Armenia’s economic growth.

“We prediction we are, that medium term in perspective economic growth will stabilize around 5% level, how many that offer on the side last years recorded shocks effect gradually will decrease. At the same time time, to growth will continue to contribute dynamic developing informative and: of communication technologies the field and: Amulsari of gold mine operation start”։

It is also noted that a number of large-scale infrastructural investment programs can provide an additional impetus to economic growth in the long term. Among them is the “Trump Road for International Peace and Prosperity” initiative, a corridor that, crossing Armenia, will connect Azerbaijan to the autonomous republic of Nakhichevan, and then to Turkey.

The plans for the creation of a new artificial intelligence data center have been expanded, and the volume of investments may reach 12% of Armenia’s GDP.

Consistent implementation of the peace agreement and the reopening of the border with Turkey could further boost economic growth through increased investment, exports and employment.

Fitch-expects that 2026 in the year inflation on average will make 4.4%, then gradually return of Armenia central bank 3% target level։

“The trend of rising inflation was formed even before the start of the Iran war, due to the increase in the costs of food, services and the universal health care system.

At the same time, the import restrictions applied by Russia may lead to an increase in the domestic supply of some products, which will create a disinflationary effect.

We predict that the Central Bank of Armenia (CB) will temporarily raise its main refinancing rate by 25 basis points (0.25 percentage points) to 6.75%.

According to Fitch, despite exceeding the budget indicators, risks remain.

“In 2025, the budget deficit of the general system of public administration was 3.7% of the GDP, which was lower than the indicator provided by the budget, but exceeded the average indicator of 2.8% of the countries with a rating of “BB”.

We forecast the deficit to widen slightly in 2026, in line with the government’s revised budget target.

Current expenditure growth continues to be high, due to the increase in health care costs with the introduction of the universal health care system, as well as the increase in pensions. This impact is partially mitigated by lower defense and security spending.

In the medium term, we forecast that the budget deficit will decrease to 3.4% of GDP by 2028, which will, however, remain above the government’s medium-term deficit target of 2.8% of GDP.”

The Fitch report states that the state the debt mostly will remain stable

“As of the end of 2025, the debt of the general public administration system has decreased, reaching 47.2% of GDP, which is lower than the average indicator of 51.6% of countries with a rating of “BB”.

We expect the public debt-to-GDP ratio to remain broadly stable as higher nominal GDP growth offsets smaller primary budget deficits. At the same time, as a result of exchange rate fluctuations, certain variability in debt indicators is possible.

According to our estimation, financing needs in 2026-2028 will be met mainly through domestic financial sources, as well as bilateral and multilateral lenders.

Strengthening of foreign reserves in conditions of weakening of the external position

The current account deficit has grown to 7.2% of GDP in 2025, up from 4.6% last year, more than twice the average for countries with a ‘BB’ rating.

This was due to the increase in domestic demand, the restoration of normal levels of transit trade and the decrease in income from tourism.

A part of the financing of the current account deficit is related to investments financed by external bank loans. At the same time, the participation of international financial organizations among the sources of financing contributes to mitigating existing risks.

We forecast that in 2026-2028 the current account deficit will decrease somewhat, but will remain above the indicators of comparable countries.

As of the end of May 2026, Armenia’s international (foreign currency) reserves reached a record 5.9 billion US dollars, which is due to the fact that the Central Bank of Armenia purchased US dollars in the domestic market.

However, due to high demand for imports, the coverage of reserves against current foreign payments will be around 3.6 months until 2028, which is lower than the average of 4.5 months for countries with a rating of “BB”.

Banking: system stability

In the first quarter of 2026, the growth of loans to the private sector remained at a high level, making 21.7% on an annual basis.

Financial stability risks are mitigated by banks’ strong capital and liquidity positions. Even in the conditions of the decrease of extraordinary financial flows from Russia, the profitability of the banking system remains high, which creates an additional protective buffer to withstand possible economic shocks.

The level of dollarization of deposits continues to decrease and reached 42.4% as of May. This was facilitated by the regulatory measures, the increase in confidence in the Armenian dram and the appreciation of the national currency.

—

General Manvel was not Melkonyan Gago. They couldn’t tell him: let’s give Artsakh, live well

July 13, 2026


July 14 is the birthday of Lieutenant General Manvel Grigoryan, a hero of Artsakh, a participant in the Artsakh Liberation War. 168 TVof “Zara has a question” This time, the program was filmed in the Manvel Grigoryan Museum in Vagharshapat, and we talked during the program. Narine Mnatsakanyan, head of the press department of the patriotic NGO “5th Brigade of Victory” with.

Excerpts from the conversation of Narine Mnatsakanyan, a former employee of YCU media.

  • 2018 in general, before those incidents reached the commander, I thought that people who have not seen Artsakh are coming to power. They did not know what Artsakh is, it was easy to surrender Artsakh to them. And what about General Manvel… General Manvel was unmanageable, no one could lead General Manvel, control him, tell him that it should be like this. And this government did not need such people.
  • They could not tell General Manvel that we have to sacrifice a lot and then say that we are giving land. General Manvel could not be told to give Artsakh so that we can live well, and General Manvel would not obey these lying generals.

I will give a name. I never gave, General Manvel was not Melkonian Gago. You could not convince General Manvel to give Artsakh. He himself would have said: we will die, but we will keep our land as much as we can, but we cannot give Artsakh, our age-old enemy, as a gift.

Details in the video



—