CBA CHAIRMAN APPOINTED ARMENIA’S PRIME MINISTER

ARKA
April 9, 2008

YEREVAN, April 9. /ARKA/. Armenia’s newly elected President Serge
Sargsian signed a decree on April 9 to appoint Chairman of the Central
Bank of Armenia (CBA) Tigran Sargsian new Prime Minister.

Serge Sargsian took lead in the February 19 presidential election in
Armenia and was inaugurated today at the Freedom Square.

According to Article 55 of Armenia’s Constitution the President of
the Republic "shall, on the basis of the distribution of the seats in
the National Assembly and consultations held with the parliamentary
factions, appoint as Prime Minister the person enjoying confidence of
the majority of the Deputies and if this is impossible the President of
the Republic shall appoint as the Prime Minister the person enjoying
confidence of the maximum number of the Deputies. The President of
the Republic shall appoint the Prime Minister within ten days after
acceptance of the resignation of the Government. The Government shall
be formed within 20 days after the appointment of the Prime Minister."

RA NA (National Assembly) Speaker Tigran Torosian formerly stated
that the new Government will be formed next week.

Tigran Sargsyan, was born in Kirovakan (present Vanadzor) on January
29, 1960. From 1980 to 1983 Tigran Sargsyan attended Leningrad’s
(currently St. Petersburg) Financial and Economic Institute
after Voznesenski. From 1983-1987 – postgraduate education ended
in obtaining PhD degree. From 1987 to 1990, he was Chief of the
Department for Foreign Economic Relations of Scientific Researches
Institute of Economic Planning in Armenia. From 1988-1993, he worked
at the post of Chairman of Republican Council of Young Specialists
and Scientists. From 1990 to 1995 Sargsian was a member of the RA
Supreme Council and Chair of the Standing Commission for Financial,
Credit and Budget Affairs. From 1995 to 1998 he was Director of the
Scientific Researches Institute of Social Reforms. From 1995 to 1998,
he was Chairman of the Armenian Banks Association.

Sargsian has held the position of CBA Chairman since early 1998
(re-elected for a second seven-year term by the National Assembly in
2005).