THERE IS LACK OF BUILDERS IN ARMENIA

YEREVAN, August 9 (Noyan Tapan). It’s the second year when the
Builder’s Day is marked in the newly-independent Armenia. At the
reception organized on August 7 Aram Haroutiunian, RA Minister of
Urban Construction, congratulated the builders on occasion of their
professional holiday. The congratulatorly addresses of RA President,
RA NA Chairman and Prime Minister were read.

A.Haroutiunian said that with the state resources amounting to 12b
drams allocated this year work in the sphere of construction of
schools, residential houses and other spheres will be done. It was
also mentioned that construction is carried out in the republic at the
expense of private investments: investments amounting to about $100m
have already been made. Lack of builders is felt in the republic in
the recent years in consequence of the growth of the volumes of
construction and old age of the builders’ staff. It’s planned to work
out a program of training of young builders for the purpose of
overcoming this problem. According to the Minister, during his recent
working visit to Moscow the problems of the sphere of construction
were discussed, a memorandum on cooperation was signed with Viktor
Khristenko, RF Minister of Power-Engineering and Industry. The sides
also achieved preliminary agreement about holding of a meeting of the
heads of construction sphere of CIS in Yerevan, during which issues of
cooperation and investments will be discussed.

CENTER OF CULTURE SUPPORT AND STRATEGY AGAINST ESTABLISHMENT OF
COUNCIL ON CULTURAL ISSUES AT RA PRESIDENT

YEREVAN, August 9 (Noyan Tapan). “The Council on Cultural Issues
established by the July 16 decree of RA President Robert Kocharian
will deepen the crisis of the Armenian cultural life still more,
distorting and destroying national cultural values, mental faculties.”
Such a statement was made by Armen Hovhannisian, Armen Atanian and
Simon Kamsarakian, Co-Chairmen of the Armenian Center of Culture
Support and Strategy (ACCSS), during the August 6 press conference.

According to A. Atanian, on November 22 of last year the Armenian
Center of Culture Support and Strategy applied to the RA President
with a suggestion on the establishment of the Commission on Issues of
Security and Development of Culture of Armenia. The Co-Chairmen of the
Center met with the RA President in April. The President promised to
answer whether the center will be established or not within three
weeks after the detailed acquaintance with the suggestion.

“18 weeks passed, but we haven’t received an answer yet, of course, if
we don’t consider the July 16 decree as a reply,” A. Atanian
mentioned. According to the organizers of the press conference, “if
the executors and legislators have caused damage to the sphere of
culture, science and education to great extent up to now, now the same
will be made by the RA presidential machinery.”

Nevertheless, the Co-Chairmen of the Center are going to turn to the
RA President with a request to meet in September with the purpose of
the discussion of the problems raised by them.

CONGRESSMAN HUNTER PLEDGES MEMBERSHIP TO ARMENIAN CAUCUS

WASHINGTON, August 9, (Noyan Tapan). During the meeting with the
Armenian Assembly of America on August 6, Congressman Duncan Hunter
pledged to join the Congressional Caucus on Armenian Issues, reported
the Armenian Assembly of America. “We’re pleased that Congressman
Hunter has pledged to join the Armenian Caucus,” said Assembly Western
Office Director Lena Kaimian. “Congressman Hunter is keenly aware of
the issues facing the Armenian-American community, having championed
legislation recognizing the Armenian Genocide and calling on Turkey to
acknowledge the atrocities of 1915,” she emphasized. According to
Kaimian, such important issues as the need for Congress to maintain
military aid parity between Armenia and Azerbaijan in the Fiscal Year
2005 Foreign Operations bill were raised by the Assembly delegation.

The group said that attempts to provide Azerbaijan $6 million more
than Armenia in military financing would disrupt the careful balance
between the neighboring countries. Congressman Hunter, who is Chairman
of the influential House Armed Services Committee and a member of the
Select Committee on Homeland Security, commended Armenia’s efforts on
the war on terror and its participation in Iraq. Rev. Father Datev
Tatoulian of St. John’s Armenian Church, Assembly Fellow Trustees
Rouben Avsharian and Gary Takessian and Affiliate Members Serop
Karoglanian and Joanie Schwarz were also present at the meeting. The
Armenian Caucus has focused on strengthening the U.S.-Armenia and
U.S.-Karabakh relationships, searching for a peaceful solution to the
Nagorno Karabakh conflict, ending the Turkish and Azerbaijani
blockades of Armenia and Karabakh, as well as reaffirming the
U.S. record on the Armenian Genocide.

OVER HALF OF CREDITS GIVEN BY PROGRAM OF GERMAN-ARMENIAN FUND DIRECTED
AT SPHERE OF TRADE

YEREVAN, August 9 (Noyan Tapan). The crediting portfolio of the
crediting program of Small and Medium Enterprises (SME) of the
German-Armenian Fund (GAF) increased twice as much in comparison with
the index of late July of last year and made 24.1 mln euros as of late
July of this year. 52.4% of credit funds is invested in trade, 26.2% –
in production, 12.2% – in service, 9% -in agriculture and 0.2% – in
construction. Garik Khachatrian, consultant on credits of the
German-Armenian Fund, told NT’s correspondent that since the beginning
of the program, i.e. since 1999, banks-participants (today
“Armeconombank”, “Converse” Bank, “Anelik” bank and “Inecobank”) have
given 13,000 credits of a total of 80.8 mln euros. Credits of a total
of 20.4 mln euros were given only this year. Credits are given with
the term till 3 years (19-24%). Annual interest rates of
“express-credits” of till 1 mln, 200 thousand drams (about 2.3
thousand dollars) make 25-27% with the maturity date till a year.

FIRST CONVENTION OF EUROPEAN ARMENIANS TO TAKE PLACE AT THE EUROPEAN
PARLIAMENT

BRUSSELS, August 9,(Noyan Tapan). The first Convention of European
Armenians will take place at the European Parliament, Brussels, on
October 18-19. According to the European Armenian Federation, this
pan-European meeting will be a forum for sharing ideas and concerns on
topics of importance to the Armenian communities across Europe.

European citizens of Armenian descent now number more than two
million, stemming from three large waves of immigration that resulted
from the Genocide perpetrated by Ottoman Turkey (1915), war in the
middle-east (1975) and the fall of the USSR (1991). Though well
integrated in the economic, social and cultural life of their new
countries, they have kept their identity and their interest in
Armenian issues. The topics to be discussed at the convention are as
follows: Armenian culture and identity in Europe – Relations between
the European Union and Armenia – The Stakes involved in European Union
Enlargement. “With this first European Convention, we are not aiming
to establish any superstructure that would replace the various
organisations dealing with Armenian issues in Europe. Rather, we aim
to create a framework for free expression that will enable the shared
positions and opinions of the European communities to emerge,” Hilda
Tchoboian, Chairwoman of the European Armenian Federation, stated.

NKR LEADERSHIP EXPRESSES PERPLEXITY ON OCCASION OF STATEMENT OF CE
SECRETARY GENERAL

STEPANAKERT, August 9 (Noyan Tapan). “The NKR leadership thinks that
the election of the government bodies of all the levels on the basis
of the principles of democracy is an important step on the way to the
construction of the free democratic society.” It is mentioned in
comments of the press service of the NKR Ministry of Foreign Affairs
in connection with the statement of Secretary General of the Council
of Euorpe Walter Schwimmer on the inadmissibility of the holding of
the NKR local elections. Reminding that W. Schwimmer comes up not for
the first time with such statements, in which the holding of the
elections in Nagorno Karabakh is condemned, the comments express
perplexity in connection with the fact that it is not clear how the
elections may negatively influence the process of the settlement of
the Karabakh conflict, because it is obvious that only the legitimate
power may bear the responsibility for the entrusted territories and
has necessary authorities for carrying on peaceful negotiations on the
settlement of the Nagorno Karabakh conflict. “The NKR for over 10
years has lived as a sovereign state, which bears no relation to
Azerbaijan and independently organizes its life in the territory that
historically belongs to the Armenians of Karabakh. An impression has
grown up in us that all the international structures that come up with
such statements render political support to the regime, which
unleashed the large-scale war against Nagorno Karabakh and doesn’t
refuse from the attempts to aply force against the NKR. Meanwhile,
according to many independent experts, Nagorno Karabakh takes the lead
over Azerbajan on the level of its democracy,” reads the comments of
the press service of the NKR Ministry of Foreign Affairs.

COMMERCIAL BANKS ATTRACT MORE THAN YEAR DEPOSITS WITH HIGHEST INTEREST
IN EARLY AUGUST

YEREVAN, August 9 (Noyan Tapan). In the period from July 29 to August
5, the commercial banks of Armenia attracted more than a year deposits
with the highest interest rate (9%) and 180-day deposits with the
lowest interest rate (4%).

According to the data of the Central Bank of Armenia, during the same
period the commercial banks extended 90-day loans with the highest
interest rate (22%) and 60-day loans with the lowest interest rate
(5%). The dynamics of the deposits attracted by commercial banks is as
follows: 29.07.04 05.08.04 30 days 5% 7% 60 days 5% 5% 90 days 5% 6%
180 days 7% 4% 360 days 7% 8% More than a year 9% 9% The dynamics of
the interest rates of the loans issued by commercial banks: 29.07.04
05.08.04 30 days 13% 20% 60 days 20% 5% 90 days 20% 22% 180 days 21%
11% 360 days 21% 21% More than a year 21% 18%

VOLUMES OF RA BANK CURRENCY DEPOSITS CONTINUE INCREASING

YEREVAN, August 9 (Noyan Tapan). According to the indices of 19
Armenian banks, the money mass in the republic increased by 4 bln, 299
mln drams reaching 242 bln, 389 mln drams (around $466.1 mln) from
July 23 to 31. During the same period cash amount increased by 643 mln
drams in comparison with the previous week standing at 85 bln, 955 mln
drams. According to the data issued by the RA Central Bank, on-call
deposits increased by 1 bln, 161 mln drams reaching 29 bln, 40 mln
drams, and deposit accounts increased by 72 mln drams reaching 9 bln,
503 mln drams. Currency deposits increased by 2 bln, 424 mln drams and
made the sum equivalent to 117 bln, 892 mln drams. The money base
increased by 2 bln, 19 mln drams amounting to 113 bln, 288 mln drams
in the republic on August 5. During this period net foreign assets
(without means of privatization) increased by 969 mln drams, and net
home assets increased by 1 bln, 50 mln drams.

ARMENIAN DRAM INCREASES BY 0.10% AGAINST U.S. DOLLAR IN EARLY AUGUST

YEREVAN, August 9 (Noyan Tapan). The Armenian dram increased by 0.10%
against the U.S. dollar trading at 518.57 drams instead of 519.07
drams from July 30 to August 5. Exchange deals amounting to 52 mln,
229 thousand dollars with an average weighted exchange rate at 517.50
drams were carried out on the currency market of the republic during
the same period. According to the data published by the RA Central
Bank, during the indicated period the Central Bank released 51-week
state bonds of 500 mln drams with an annual yield at 5.2584% and paid
off 51-week state bonds of 600 mln drams with an annual yield at
10.7351% and 48-week state bonds of 500 mln drams with an annual yield
at 10.5961%. During the indicated period the Central Bank also
carried out 1 mln, 450 thousand-dram currency swap (with the duration
of 48 days and with an annual yield at 3.51%).

UNIVERSITY STUDENTS UNION OF ARMENIAN CHURCH PARTICIPATES IN CONGRESS
OF WORLD CHRISTIAN STUDENTS UNION

ANTELIAS, August 9 (Noyan Tapan). The congress of the World Christian
Students’ Union entitled “Christians and Islamists and Problems of
Present-Day Life” was held at Dar Al Inaya temple in Sayd on July
22-28. It was initiated by the government of Middle East. Carla
Khijoyan and Vigen Jambulian participated in the congress from the
University Students’ Union of the Armenian Church of the Catholicosate
of the Great Cilician House. According to the press service of the
Great Cilician House, youth arrived from Lebanon, Syria, Egypt, Sudan
and Palestine participated in the congress. The purpose of the
congress is to unite the Christian and Moslem youth and discuss
problems agitating them, as well as to provide the dialogue and
development of the socio-political life.