17:16,
YEREVAN, 19 FEBUARY, ARMENPRESS. The Central Bank of Armenia informs “Armenpress” that today, 19 February, USD exchange rate down by 0.05 drams to 404.37 drams. EUR exchange rate up by 0.23 drams to 435.71 drams. Russian Ruble exchange rate up by 0.02 drams to 4.38 drams. GBP exchange rate up by 1.03 drams to 510.11 drams.
The Central Bank has set the following prices for precious metals.
Gold price down by 83.18 drams to 25974.29 drams. Silver price up by 4.97 drams to 299.15 drams.
17:33,
YEREVAN, FEBRUARY 19, ARMENPRESS. The opening of a newly renovated classroom took place at the Armenian State University of Economics (ASUE), made possible through the generous support of Apricot Capital, a leading Armenian investment company. The renovation project, initiated in October 2023 through a signed memorandum of cooperation, illustrates the commitment of the parties to advancing education and empowering future generations of professionals in Armenia's financial sector.
Located within the Financial faculty of ASUE campus, the state-of-the-art classroom is equipped with a cutting-edge smartboard, modern furniture, and an innovative design, creating an inviting and stimulating learning environment for students. Moreover, the space will serve as a hub for exclusive workshop series delivered by Apricot Capital's top experts on capital markets and investments, providing students with firsthand insights and practical knowledge from industry leaders.
Commenting on the collaboration, Vardan Amaryan, the founder of Apricot Capital, emphasized the importance of partnerships between the private sector and educational institutions. He noted the company's active cooperation with Armenia's leading educational institutions through internship programs, project sponsorships, and expert-led lectures and workshops. "We believe that investing in education is investing in the future."
“This renovated classroom, coupled with our online Apricot Academy resources and expert-led masterclasses, will create a dynamic learning space for students to explore the world of finance and pave the way for successful careers," noted Vachik Gevorgyan, CEO of Apricot Capital. He added that the company already employs several alumni from ASUE and is delighted to contribute to the education of future talent.
Welcoming the initiative, ASUE Rector Diana Galoyan noted that the Armenian State University of Economics is actively building partnerships with both the public and private sectors of Armenia, the purpose of which is to support the development of students' practical skills and their professional progress
"In this context, we highly value our cooperation with Apricot Capital, the tangible result of which brings us all joy today. I am confident that this new and modern classroom, renovated by our partner, will strengthen the company's presence in our university, while providing better learning conditions for students, aligning with our strategic goal of infrastructure improvement," said Diana Galoyan. The head of the university thanked Vardan Amaryan, the founder of Apricot Capital, and Vachik Gevorgyan, the CEO, for their effective cooperation. The active support in organizational matters for the creation of this new classroom, provided by Vahe Mikayelyan, dean of the finance faculty, was also emphasized.
"Every day, we witness the progress made by our university: the educational environment is improving, and many programs are being implemented. It is very gratifying for us, as students, that our educational process will now be organized in such a stylish classroom. It is very motivating," said Zhanna Ikhtaryan, a student of ASUE’s finance faculty.
About Apricot Capital:
Apricot Capital is a leading investment company in Armenia, providing investment tools and an efficient platform for both seasoned and beginner investors.
Through Apricot Capital mobile app, clients can access the global financial markets and invest in reputable international companies' stocks, ETFs, Armenian government bonds, and other instruments.
Apricot Capital is regulated by the Central Bank of Armenia.
About the Armenian State University of Economics:
The Armenian State University of Economics is the leading university in Armenia in the field of business and economics professions. Across its six faculties, approximately 9,000 undergraduate and master's students receive education through full-time and part-time programs. High admission rates, the establishment of partnership relations with the labor market, the implementation of various international projects, and the research activities of the "Amberd" research center strengthen the university's position and attractiveness year after year, both among applicants and other external beneficiaries.
17:48,
YEREVAN, FEBRUARY 19, ARMENPRESS. Azerbaijan is buying drones and military equipment from abroad amid heightened tensions with Armenia, Armenia’s Ambassador to the EU Tigran Balayan told Brussels Signal.
Speaking to Brussels Signal, Tigran Balayan said that Armenia has tracked suspected munitions purchases which have reportedly come in on military flights from countries including Israel and Turkey. These deliveries are suspected to include drones.
“60 per cent or 70 per cent of Azerbaijani military hardware comes from Israel, then Turkey,” he said during an interview with Justin Stares, Head of News at Brussels Signal.
He also noted that there had been increased military flights from Serbia, which, he said, had “just announced the agreement about selling some sophisticated artillery equipment to Azerbaijan.”
Speaking about the latest Azeri attack in Syunik province which left 4 Armenian troops dead, Ambassador Balayan said that the shooting could’ve been Azerbaijan’s response to increased Armenian cooperation with the European Union.
“That [attack] was a message, not only to Armenia, but also to Brussels,” Balayan said, noting that the incident took place several hours before an EU-Armenia Partnership Council meeting.
The attack represented an explicit “challenge” to EU “authority” in the region, he said.
According to the Armenian ambassador, Azerbaijan has no intention to end the conflict with Armenia.
“Despite all the warning calls, Azerbaijan didn’t stop its aggressive rhetoric, aggressive actions, killing, and provocation,” he said.
18:19,
18:40,
YEREVAN, FEBRUARY 19, ARMENPRESS. On February 19, Minister of Foreign Affairs of Armenia Ararat Mirzoyan received Stefano Tomat, the Civilian Operations Commander of the EU External Action Service, the foreign ministry said.
According to the source, the interlocutors discussed issues related to the activities of the EU civilian monitoring mission in Armenia, touching upon the work done within one year since the deployment of the long-term mission in Armenia. Minister Mirzoyan emphasized the important contribution of the mission in promoting the stability of the international border with Azerbaijan.
It is noted that the parties stressed that the mission is one of the good examples of the expanding Armenia-EU cooperation and shows the mutual sincere interest of both Armenia and the EU and its member states in its further deepening. In this context, Ararat Mirzoyan and Stefano Tomat exchanged views on issues of the broad agenda of the Armenia-EU partnership, discussing the opportunities provided through the relevant mechanisms and in new dimensions mutual interest.
During the meeting, regional security and stability issues were also touched upon.
19:07,
YEREVAN, FEBRUARY 19, ARMENPRESS. Azerbaijan is desecrating the graves of ethnic Armenians in Nagorno-Karabakh, Tigran Balayan, the Ambassador of Armenia to Belgium and the head of Armenia’s mission to the European Union told Brussels Signal.
Speaking to Brussels Signal, Tigran Balayan said that Azerbaijan has begun destroying religious artefacts belonging to the former Armenian population of the region, the vast majority of whom have since fled the territory.
“The war against Armenian cemeteries has started,” the official said during an interview with Justin Stares, Head of News at Brussels Signal.
“We have tons of video and photo evidence that they are starting to ruin the cemeteries in the villages and also the churches.”
Balayan went on to claim the country was also demolishing smaller churches across Nagorno-Karabakh, saying that the one in his native village had been destroyed.
Azerbaijan has, he added, also removed religious symbols from larger buildings.
“All the crosses from all Armenian churches in Nagorno-Karabakh were removed by occupying soldiers,” he said.
Balayan’s assertions stood in stark contrast to those made by Azerbaijani officials in recent weeks.
After a period of detente between the two Caucasus countries, tensions have once again spiked. That came after a clash on the border between Azerbaijani and Armenian forces, as a result 4 Armenian troops dead.
Speaking to Brussels Signal, presidential representative Elchin Amirbayov insisted that his country remained committed to protecting the rights of ethnic Armenians in the disputed territory.
He added that Azerbaijan would “welcome back” any ethnic Armenians who had fled the region, describing them as being entitled to Azerbaijani citizenship in the same way other ethnic minorities in the country are.
That was rejected by Balayan, who instead said Azerbaijan had worked to prevent the return of ethnic Armenians to Nagorno-Karabakh.
“There were attempts by some people to return. They were rejected by Azerbaijan,” he insisted.
19:47,
YEREVAN, FEBRUARY 19, ARMENPRESS. The World Bank has presented the economic indicators for Armenia in December of last year. The report issued by the World Bank reads as follows:
"Growth in economic activity moderated to 9.5 percent (yoy, in real terms) in December 2023, from 11.2 percent (yoy) in November 2023. In December, growth in industrial output eased to 20 percent (yoy), from 23.8 percent (yoy) in November, primarily owing to a slowdown in growth in manufacturing as well as electricity and energy production.
However, manufacturing still grew by 28 percent, mostly due to a 9.4-fold increase (yoy) in gold and jewelry production, which continued to soar, supported by investments in this sector and diversification in import markets for raw materials.
Construction growth remained stable at 11.5 percent (yoy) in December. Trade continued to grow at a fast pace, at 36 percent (yoy) in December, higher than 32 percent (yoy) in November. Services growth (excluding trade) increased to 3.4 percent (yoy) from 2.4 percent (yoy) the previous month. In 2023, economic activity grew by 9.4 percent (yoy), surpassing expectations.
On the demand side, private consumption was fueled by a 12 percent increase in real average wages, improvements in employment, and cash transfers provided by the Government to displaced population in the last quarter of the year. Net money transfers (both commercial and noncommercial) dropped by 47.2 percent (yoy) in December but were 4 times higher than the previous month. Money transfer inflows contracted 19.4 percent (yoy), driven by a 30 percent drop in inflows from Russia.
On the other hand, outflows increased by 9.6 percent (yoy), with Monaco, Russia, the UAE, and the USA as the main destinations. Prices registered 0.9 percent deflation in January 2024 (yoy) driven by 5.8 percent (yoy) deflation in food prices. The Central Bank of Armenia (CBA) continued easing the monetary stance by reducing the policy rate by 50 basis points (to 8.75 percent) in its January 30th Board session. Export growth remained exceptionally high owing to high exports of gold and jewelry. Exports of goods grew 137 percent (yoy) in December 2023. This was driven by an 11-fold increase in exports of precious and semi-precious stones, whose share of total exports rose from 17 percent in December 2022 to 73.2 percent in December 2023.
Exports of footwear, textiles, leather, and fur surged by 183 percent, 86 percent, and 74 percent, respectively. The United Arab Emirates is now the leading export destination, with a 15-fold rise in December exports (yoy). Imports increased by 34 percent, mainly driven by precious and semi-precious stones. Cumulatively in 2023, exports and imports grew 55 percent and 40 percent, respectively. The exchange rate against the USD has been relatively stable since the beginning of 2024 while remaining about 2 percent weaker in yoy terms in early February. International reserves stood at USD 3.6 billion at end-January 2024, similar to the end-2023 level.
A budget deficit of AMD 126 billion was recorded in December 2023, accounting for two thirds of the total 2023 deficit of AMD 189 billion. Tax revenues rose by 25.2 percent (yoy) in December driven by increases across the board. Profit and other taxes grew by 57 percent and 2.6-fold (yoy), respectively, driven by robust economic activity. Official transfers surged by 254 percent (yoy), compensating for the previous months' underperformance in relation to project-linked grants. Expenditures expanded by 29 percent, driven by increases in capital expenditures (76 percent, yoy) primarily due to growth in spending on defense.
The 16 percent growth in current expenditures (yoy) was led by a 35 percent increase in social allowances to address the needs of displaced persons. In 2023, the budget registered a cumulative deficit of 2 percent of GDP, which is expected to rise after including the portion of Nagorno-Karabakh1 financial liabilities settled by the government. The deficit was overfinanced by domestic sources, with AMD 223 billion net amortization in external financing. The financial system remained sound in December, with a slight deviation in profitability indicators.
Loans and deposits grew by 1.9 and 1 percent (mom), respectively, both mostly driven by growth in dramdenominated funds. The capital adequacy ratio fell marginally to 19.9 percent in December from 20.1 percent in November, while the ratio of non-performing loans to total loans improved to 2.4 percent in December from 2.8 percent in the previous month. Return on assets, an indicator of the banking system’s profitability, declined to 2.7 percent from 3.3 percent the previous month."
21:59,
By Sophie Khachatryan
Photos by Christian Giamarella
Kariné Poghosyan during her Valentine’s Day concert at Carnegie Hall
On the night of Valentine’s Day, I took my seat in the beautiful Carnegie Hall to enjoy the unique “All that Jazz” program by pianist Kariné Poghosyan. The heart of the program was the centennial celebration of the world premiere of George Gershwin’s iconic “Rhapsody in Blue,” which debuted on February 12, 1924. The incredible concert was presented by the Permanent Mission of Armenia to the United Nations.
Poghosyan was magnificent – from her killer dress to her impeccable phrasing, breathtaking vulnerability and power. I have followed Poghosyan’s musical journey and attended her concerts for many years, including her online Facebook performances during the pandemic, and later became her Patreon supporter.
I was not alone in appreciating this unique experience, as the packed house, sold out for over a week prior, gave the artist a jubilant standing ovation. In attendance were some remarkable figures, including United Nations dignitaries.
“We were happy to have partnered, once again this year, with our distinguished artist, the New York-based Armenian-American pianist Kariné Poghosyan, to bring together dear friends and colleagues to a musical evening at the iconic Carnegie Hall,” said His Excellency Ambassador Mher Margaryan during his remarks before the group of Permanent Representatives of the U.N. member states at the pre-concert reception.
“The times which we are going through are extremely challenging for many nations, including for Armenia, but also for the collective humanity, which continues to be put to the test. It is, perhaps, in times like this that the significance of art, music and other forms of creative human _expression_ become even more pronounced, offering a sense of purpose and unity and a source of hope and inspiration,” Margaryan continued.
His Excellency Mher Margaryan, Permanent Representative of the Republic of Armenia to the United Nations, during his remarks at the pre-concert reception for the United Nations dignitaries
Anita Anserian, managing director of AGBU, remarked, “Kariné wowed the audience with each of the pieces she had meticulously chosen and masterfully played. We experienced so many emotions as she gave her unique interpretation to each and for an hour transported us to a colorful, musical world.”
Principal violinist of the Harlem Chamber Players Ashley Horne was also very impressed. “A magnificent recital! Ginastera’s first piano sonata was a tour de force. Coleridge-Taylor’s ‘Three Fours’ had a real singing and lyrical quality, perfectly placed after the Ginastera. From there we heard wonderfully played pieces by Babajanian and recent Pulitzer Prize-winning composer, Tania Leon. She ended her concert with a very jazzy arrangement of Gershwin’s ‘Rhapsody in Blue,’” Horne said.
Director of the music program at Saint Louis University, Dr. Aaron Johnson, traveled to New York especially to attend the recital. “I love watching Kariné perform. She is, without question, one of the most compelling and exciting pianists I have ever experienced live. Her love of music is always on full display when she performs, and it is infectious. She makes her audience feel the same happiness and love she feels for the music she performs. I felt that happiness and love, and it made the 2000-mile round trip journey to be there more than worth it. We at Saint Louis University are so looking forward to Ms. Poghosyan repeating this same program at the Sheldon Concert Hall in Saint Louis,” he said.
The cultural advisor of the Embassy of Armenia to the U.S., Vicki Shoghag Hovanessian, said it best. “Kariné Poghosyan is one of those virtuoso spectacular pianists with extraordinary stamina and musical skills as well as jaw-dropping performances. It’s a musical reverie to attend Ms. Poghosyan’s performances. A foremost interpreter of Aram Khachaturian, Rachmaninoff, Stravinsky and other composers, she inhabits the music in all its stormy, turbulent depths, shattering staccato and ravishing sensuality, bringing her own unselfconscious sense of fun.”
The concert was an unforgettable experience that will stay with viewers for years. Poghosyan is a trailblazer in the music world.
Monday, Armenian PM Admits ‘Tensions’ With Iran Iran - Iranian President Ebrahim Raisi meets Armenia's Deputy Prime Minister Mher Grigorian, Tehran, February 15, 2024. Prime Minister Nikol Pashinian appears to have acknowledged that Armenia’s deepening ties with the European Union and the United States are causing unease in neighboring Iran. “Our relations with Iran are deep and Armenia remains committed to those relations,” Pashinian said during a weekend visit to Germany. “But this is one of those cases where not everything is clear.” “Our good relations with Iran are causing tensions in some places, while our good relations with other countries are causing tensions in Iran,” he added without elaborating. In recent months, Iranian leaders have repeatedly told their Armenian counterparts that Tehran strongly opposes the geopolitical presence of “extra-regional countries” in the South Caucasus. Iran’s President Ebrahim Raisi conveyed the same message to Armenia’s Deputy Prime Minister Mher Grigorian as recently as on February 15. Any intervention of “outsiders” in regional disputes could only exacerbate, rather than resolve, them, Raisi said in a clear reference to the U.S. and the EU. This was construed by some Armenian commentators as a fresh warning to Yerevan which has been seeking closer security ties with the Western powers amid its unprecedented tensions with Russia. The latter has openly denounced Western efforts to broker an Armenian-Azerbaijani peace deal, saying that their main aim is to drive Moscow out of the region. Germany - U.S. Secretary of State Antony Blinken and Armenia's Prime Minister Nikol Pashinian meet in Municհ, February 17, 2024. Both Russia and Iran have criticized Armenia for hosting a U.S.-Armenian military exercise last September. The Islamic Republic is also believed to share Russian concerns about the EU’s monitoring mission along Armenia’s border with Azerbaijan launched a year ago. Pashinian and his political team say they are “diversifying” Armenia’s traditional foreign and security policy in response to what they see Russia’s failure to meet its security commitments to its South Caucasus ally. Armenian opposition groups say Tehran’s stance is another reason why Yerevan should exercise caution in its dealings with the West. They argue that unlike the West, Iran could intervene militarily to prevent Azerbaijan from opening an extraterritorial corridor to its Nakhichevan exclave through Syunik, the only Armenian region bordering the Islamic Republic. Iran regularly warns against attempts to strip it of the common border and transport links with Armenia. Russia, Armenia Also Disagree On Ukraine Ukraine - In this photo released by Russian Defense Ministry , Russian soldiers eliminate the mine danger in the city of Avdiivka captured by Russian forces. Prime Minister Nikol Pashinian openly criticized Russia at the weekend for occupying and annexing Ukraine’s internationally recognized territory, underscoring the Armenian government’s deepening rift with Moscow. Pashinian voiced the criticism at the end of a visit to Munich during which he attended an annual conference on international security and met with German Chancellor Olaf Scholz, U.S. Secretary of State Antony Blinken and British intelligence chief Richard Moore. He cited a December 1991 declaration in which Russia, Ukraine, Armenia and other newly independent Soviet republics recognized each other’s Soviet-era borders. “On the question of Ukraine, our position is that the Almaty declaration is the basis for recognition of our independence and territorial integrity,” Pashinian told members of the Armenian community in the southern German city. “Our logic is also valid in the case of Ukraine because that document applies to all of us. And if we demolish that, then we will also demolish everything.” “I said a long time ago that Armenia is not Russia's ally on the issue of Ukraine, and this is our sincere position,” he said. Russia reacted cautiously to Pashinian’s remarks. “Indeed, we have diametrically opposed points of view regarding what is happening in Ukraine and the conflict around Ukraine,” said Kremlin spokesman Dmitry Peskov. “This is not a secret, this is the well-known position of our Armenian friends. We do not agree with them on this and will persistently continue to explain that we are right.” Beglium - Armenian Foreign Minister Ararat Mirzoyan and his Ukrainian counterpart Dmytro Kuleba meet in Brussels, December 11, 2023. Armenian leaders were until now careful not to criticize Russia’s 2022 invasion of Ukraine and subsequent annexation of more Ukrainian territory. Armenia has repeatedly abstained from UN General Assembly resolutions denouncing Moscow’s actions. Pashinian’s administration appears to have begun changing its stance on the conflict in Ukraine last year amid its mounting tensions with Moscow. Pashinian made a point of talking to Ukrainian President Volodymyr Zelenskiy during a European Union summit in Spain last October. A couple of weeks later, the secretary of Armenia’s Security Council, Armen Grigorian, attended multilateral peace talks in Malta initiated by Ukraine and sponsored by Western powers. The Russian Foreign Ministry condemned the “demonstrative anti-Russian gesture of official Yerevan.” That did not stop Grigorian from participating in the next round of the talks held in Switzerland last month. Pashinian embarked on the apparent rapprochement with Ukraine despite the latter’s strong support for Azerbaijan in the Nagorno-Karabakh conflict. In particular, Kyiv was quick to condemn the September 9 election by Karabakh lawmakers of the region’s new president, saying that it is “contrary to the rules and principles of international law.” The election came ten days before the Azerbaijani military offensive that forced Karabakh’s practically entire population to flee to Armenia. Baku Raps Pashinian After Munich Summit Germany - German Chancellor Olaf Scholz hosts talks between the leaders of Armenia and Azerbaijan, Munich, February 17, 2024. Azerbaijan criticized Prime Minister Nikol Pashinian and again demanded major legislative changes in Armenia on Monday two days after his talks with Azerbaijani President Ilham Aliyev hosted by German Chancellor Olaf Scholz in Munich. The Armenian and Azerbaijani leaders sounded satisfied with the results of the talks, with Aliyev calling them “constructive and useful.” Meeting with members of the Armenian community in Munich on Sunday, Pashinian confirmed that the foreign ministers of the two South Caucasus states will meet soon for further discussions on a bilateral peace treaty. He also said that both sides remain committed to their understandings on the basic parameters of that treaty reached during their earlier contacts organized by the European Union. Earlier this year, Yerevan accused Baku of walking away from those understandings and laying claim to Armenian territory. The Azerbaijani Foreign Ministry said on Monday that Armenia itself has territorial claims to Azerbaijan. The ministry spokesman, Aykhan Hajizade, pointed to Pashinian’s Sunday remark that “Karabakh’s right to self-determination is not supported by the international community.” He said Pashinian should have said instead that the Armenian “claims to Azerbaijan's territory are groundless.” “This once again indirectly proves that the demands of the Armenian side are continuing,” added Hajizade. “In this regard, the claims to our territorial integrity and sovereignty reflected in the Armenian constitution and legislative acts should be removed.” Aliyev said on February 1 that Armenia should remove from its constitution a reference to its 1990 declaration of independence which in turn mentions a 1989 unification act adopted by the legislative bodies of Soviet Armenia and the then Nagorno-Karabakh Autonomous Oblast. He reiterated on February 14 that he will not sign the peace treaty “if Armenia does not bring its legislation to a normal state.” Pashinian rejected those demands the following day. The Armenian premier himself declared last month, before Aliyev’s statements on the issue, that Armenia needs a new constitution reflecting the “new geopolitical environment” in the region. He went on to criticize the 1990 declaration. His political foes and other critics say that he wants to enact a new constitution under Azerbaijani pressure. Pashinian denies this. Another Armenian Bank Set To Change Hands Armenia - A view of an office building in Yerevan housing the headquarters of Ameriabank. A leading Georgian bank announced on Monday a $303.6 million deal to buy Armenia’s Ameriabank partly owned by Ruben Vardanyan, an Armenian billionaire jailed in Azerbaijan along with several other former leaders of Nagorno-Karabakh. The deal requires the approval of the Bank of Georgia’s multiple shareholders and the Central Bank of Armenia. In a statement, the bank’s British-registered parent company, Bank of Georgia Group (BOGG), said it would “significantly enhance the Group's presence and growth opportunities within a fast-growing and attractive market.” "This transaction is a significant milestone for the Group and a new chapter in our strategic development,” the BOGG chairman, Mel Carvill, was quoted as saying. “Ameriabank has a well-regarded and experienced management team, and I am delighted that they will stay on after the transaction is closed,” added Carvill. Ameriabank is one of Armenia’s largest banks with total assets worth $3.4 billion, compared with $11.7 billion held by the Bank of Georgia. Vardanyan owns, through a trust fund, almost 49 percent of Ameriabank, making him its biggest shareholder. The tycoon, who had made his fortune in Russia, briefly served as Karabakh’s premier in late 2022 and early 2023. He and seven other former political and military leaders of Karabakh were arrested by Azerbaijani security services last September during the mass exodus of the region’s ethnic Armenian population which followed an Azerbaijani military offensive. They remain imprisoned there on serious charges. Armenia has demanded their immediate release. Nagorno-Karabakh - Ruben Vardanyan leads a cabinet meeting in Stepanakert, January 3, 2023. “Ruben Vardanyan has nothing to do with the possible sale of the bank,” Mesrop Arakelian, an Armenian opposition figure linked to him, wrote on Facebook. Arakelian said takeover talks between BOGG and Ameriabank began in 2022. But he did not clarify whether Vardanyan approved the resulting acquisition of his bank. Ameriabank is the second Armenian bank which will likely change hands in the coming weeks or months. Two weeks ago, HSBC, Europe’s biggest bank, announced the sale of its Armenian subsidiary to Ardshinbank, the largest in Armenia. HSBC said the deal, also subject to Armenian regulatory approvals, stems from its “strategy to redeploy capital from less strategic or low-connectivity businesses into higher-growth opportunities globally.” Reuters reported last May that the British bank is considering a possible exit from as many as a dozen countries after earlier announcements about selling off parts or all of its activities in France, Canada, Russia and Greece. Established in 1996, HSBC Armenia is the only local commercial bank controlled by a major Western banking group. The 18 banks operating in Armenia nearly tripled their combined profits, to a record 253 billion drams ($626 million), in 2022 amid a dramatic increase in cash flows from Russia resulting from the Russian invasion of Ukraine. The figure reportedly fell by 9 percent in 2023. Reposted on ANN/Armenian News with permission from RFE/RL Copyright (c) 2024 Radio Free Europe / Radio Liberty, Inc. 1201 Connecticut Ave., N.W. Washington DC 20036.