ARMECONOMBANK’S EXECUTIVE DIRECTOR EXPRESSES APPRECIATION OF CAMPAIGN RUN BY CBA AGAINST DOLLARIZATION

Arka News Agency, Armenia
June 12 2006

YEREVAN, June 12. /ARKA/. Armeconombank’s Executive Director
Ashot Osipyan, speaking at a press conference on Friday, expressed
appreciation of the campaign run by Central Bank of Armenia against
dollarizatipon.

In his opinion, Armenia, a country with high degree of dollarization,
took very reasonable step this year.

He finds it reasonable to set prices for commodities and services in
Armenian national currency.

Armenian dram has strengthened against US dollar by 4.35% (on nominal
exchange rate) over May. For the first nine days, dram rose by another
2 percent. The CBA set USD exchange rate at AMD 418.94.

Compared with the beginning of the year, national currency jumped 7.63%
against USD.

Armeconombank OJSC was registered on August 26, 1991. Over 75% of
shares belong to the key shareholders – EBRD (25% +1 share) and SIL
Concern founders, Sukiasyan family (50.6%). The bank’s assets totaled
AMD 34.8bln by Dec 31, 2005, total capital AMD 5.6bln and statutory
fund AMD 2.3bln.

The bank’s profit was AMD 1.2bln after taxation and balance accumulated
profit AMD 2.9bln.