Karabakh bank stimulating local business community

Public Television of Armenia, Yerevan
21 Jun 04

[Presenter] Thanks to the investments of businessmen from the Armenian
Diaspora and the support of the Armenian Central Bank, visible growth
has been confirmed in the Artsakh Bank over the last few years. The new
official building of the Artsakh Bank opened recently in Stepanakert
[Xankandi].

[Correspondent over video of building of Artsakh Bank] According to
the share holders of the Artsakh Bank, the construction of the new
building is aimed not only to create comfortable working conditions
but is also aimed at enriching Stepanakert’s business circles. A
major 81 per cent stake in the Artsakh Bank belongs to non-resident,
Switzerland and US Armenians. (Diaspora Armenians).

[Karabakh President, Arkadiy Gukasyan, captioned] The Artsakh
Bank’s role in our country is large and if today we have 43.8 per
cent economic growth, believe me the Artsakh Bank has the largest
investment in this work. We thank the owners, (?Vardan Sirmakesh and
Hrach Gabrielyan) who are doing their best to develop the Nagornyy
Karabakh Republic [NKR].

[Correspondent] The Artsakh Bank is the only Armenian bank which is
issues credit on Karabakh territory. Only in 2003 the bank allocated
credits to the tune of 13bn drams [Armenian currency – 1 dollar equals
570 drams].

[Kamo Nersesyan, director of the Atrsakh Bank, captioned] The Artsakh
Bank together with the Karabakh leadership is implementing joint
programmes to develop the small and medium business in Karabakh.

[Passage omitted: The bank’s share holders speaking about the bank’s
work and investments.]

[Correspondent] The Artsakh Bank is implementing dram currency transfer
to the world via Armenian and other banks and will issue international
plastic cards in 2006.

Narine Agabalyan, “Aylur”, Stepanakert.