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Archbishop Moushegh Mardirossian, Prelate
Western Prelacy
6252 Honolulu Ave., Ste. # 100
La Crescenta, CA 91214
Tel: 818-248-7737
Fax: 818-248-7745
E-Mail: [email protected]

COMMUNIQUE

THREE PRELATES OF NORTH AMERICAN PRELACIES MEET

On Wednesday and Thursday, June 23 and 24, the Western Prelacy
hosted a meeting of the three prelates of North America.
Participating in the meeting were His Eminence Archbishop Oshagan
Choloyan, Prelate of the Eastern Prelacy; His Eminence Archbishop Khajag
Hagopian, Prelate of Canada; and the Prelate of the host prelacy, His Eminence
Archbishop Moushegh Mardirossian.
The concept of the meeting of the three prelacies came from a
meeting with His Holiness Aram I, Catholicos of the Great House of Cilicia,
members of the Central Executive Committee, the above mentioned three prelates, and
representatives of the Executive Councils of the three prelacies, at which
time the concerns and questions of the North American Prelacies were examined.
The meeting opened on Wednesday morning, 10:30 a.m. with a joint
prayer. The Prelates had on the agenda the field of work emanating from the
mission of the Armenian Apostolic Church, specifically taking into consideration
the American situation and the spiritual needs of the faithful. The scrutiny
was meant to create a harmonious coexistence between the three prelacies.

The agenda included the following questions and programs:

The task of Christian Education (Sunday School correlated
curriculum, planning of religious education in schools).
Preparation of deacons and acolytes.
Programs for Bible studies groups.
Organization of youth groups, and religious movements.
Plans for organization, re-vitalization and expansion of parish
activities.
Methods of improving the work of the clergy.
Programs for the celebration of the 75th anniversary of the Cilician
Theological Seminary.
Canonical questions.
Improving communications and publications.
Ways to support Armenia, Artsakh, and Javakh.
Ecumenical relationships.

In order to pursue the above-mentioned points, programs and work directives
were prepared. The Prelates decided to keep in constant touch with each other
during the course of this program’s implementation in order to coordinate the
work of the three prelacies. It was also decided to organize similar meetings,
which include the executive councils, of the three prelacies in order to
further advance cooperation and coordination.

WESTERN PRELACY SECRETARIAT

From: Emil Lazarian | Ararat NewsPress

*THURSDAY June 24, 2004*

* *
BYU star to wear Utah jersey?

BYU center Rafael Araujo hopes to extend his stay in Utah by being
drafted by the Jazz. (Rick Egan/Tribune file photo)

By Patrick Kinahan
The Salt Lake Tribune

A few days after touching down on U.S. soil for the first time,
Tadeu and Neuza Araujo flew from Los Angeles to New York.
If their son’s wishes come true, the Araujos’ whirlwind trip will
include Salt Lake City this week. Rafael Araujo would like to give his
parents a tour of Brigham Young’s campus, his home the last two years.
But sightseeing is not his primary motivation. Araujo wants to bring
his Brazilian family to Utah on Friday, the day the Jazz formally
introduce their NBA draft picks.
Araujo, BYU’s starting center the last two years, would love the
Jazz to draft him tonight. Even if it means sliding down a few spots, he
still prefers playing for Utah.
“That would be awesome,” Araujo said. “I played there for two years.
I love the community and the people.”
The only problem is, Araujo might not be available when the Jazz
draft at No. 14. They also have picks at 16 and 21.
The 14th pick is guaranteed a three-year contract at a total of
$4.47 million.
Since he began individual workouts for NBA teams, Araujo has seen
his stock soar. Projected as a late first-round pick in April, he could
be a lottery selection.
Diron Ohanian, Araujo’s agent, said most NBA teams have contacted
him in recent weeks. The pair has had to reject many requests for second
workouts.
Araujo has spent the last several weeks flying around the country to
meet with various NBA teams. Ohanian expects his client to be drafted
between Nos. 8 and 16.
“Once the workouts started, all the teams [drafting] 10 and under
started pounding on us to get him,” Ohanian said. “Of course, he didn’t
go to every city. It’s too much.”
Ohanian said he didn’t expect the Portland Trail Blazers to draft
Araujo with the 13th pick. Jazz owner Larry Miller said last week his
team would like to take Araujo with the 14th pick.
But they may have to swing a deal to move up to get him.
“There are teams definitely ahead of them that have expressed
interest,” Ohanian said.
Between 16 and 18 teams have contacted BYU coach Steve Cleveland to
get information on Araujo. Each time, he has given a glowing
recommendation, noting that his former player has the skills to
contribute next season.
Starting his college career at Arizona Western, Araujo was the
Mountain West Conference’s co-player of the year as a senior. He
averaged 18.4 points, shooting 57 percent from the field, and 10.1
rebounds a game.
“Everybody has seen such sustained improvement over the last two
years,” Cleveland said. “I’ve never been around a young man in 25 years
of coaching that had the work ethic that he has.”
At 6-foot-11, 292 pounds, he combines size and strength. Few other
big men can match Araujo’s skill level and potential.
“Everybody has been impressed,” Cleveland said.
Since transferring to BYU two years ago, Araujo has not seen his
parents. Tadeu and Neuza will accompany their son and his wife and baby
daughter to New York for the draft.
“It’s really exciting for them,” Araujo said. “They can’t wait.
They’re really happy for me. They’ve seen all the hard work I’ve done
throughout my life.”
Joining guard Travis Hansen, Araujo will become the second BYU
player drafted in two years. The Atlanta Hawks took Hansen in the second
round last June.
Shawn Bradley was the last Cougar to get picked in the first round.
Barely off an LDS Church mission, he went to the Philadelphia 76ers as
the No. 2 pick in 1993.

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* *

*© Copyright 2004, The Salt Lake Tribune. *
All material found on Utah Online is copyrighted The Salt Lake Tribune
and associated news services. No material may be reproduced or reused
without explicit permission from The Salt Lake Tribune.

From: Emil Lazarian | Ararat NewsPress

Azerbaijan still hopes for peaceful Karabakh settlement – president

Lider TV, Baku
25 Jun 04

[Presenter] Azerbaijan has not violated any country’s territorial
integrity, on the contrary, it is a victim of aggression. This is why,
we have the full right to liberate our occupied territories, the
commander-in-chief and President Ilham Aliyev said at the Heydar
Aliyev Higher Military School today.

[Ilham Aliyev] The Azerbaijani people will never tolerate this
occupation. We will never allow our land to remain under
occupation. Our cause is just. Azerbaijan has not occupied anyone
else’s land. It has not violated anyone else’s territorial
integrity. On the contrary, we are the victims of this occupation and
the Azerbaijani people have been suffering from it. Therefore,
international law is on our side. Of course, we should try [changing
tack] – the whole international community and all those who directly
deal with this issue should take international law into
account. Azerbaijan has the full right to liberate its
land. International legal norms have created such conditions for us.

We want to resolve this [conflict] peacefully. But you know that the
peace talks which have been going on for over 10 years have yielded no
results and there is no outcome.

The Azerbaijani people will never tolerate this situation. We demand
that this issue be resolved soon and in a fair way within the
framework of Azerbaijan’s territorial integrity. We still hope that we
will be able to resolve it peacefully. But at the same time, we should
be ready to take steps to liberate our land at any time.

From: Emil Lazarian | Ararat NewsPress

Armenian leader vows to fulfil European commitments

Public Television of Armenia, Yerevan
23 Jun 04

Presenter President Robert Kocharyan took questions from MPs after his
speech in the Parliamentary Assembly of the Council of Europe PACE.
There were Turkish and Azerbaijani representatives among them as
well. Robert Kocharyan also held some important meetings in Strasbourg
this morning 23 June .

Correspondent Lilit Setrakyan from Strasbourg by telephone Good
evening Lilit, you are on the air.

Correspondent The Armenian president’s working visit to Strasbourg
started with official meetings. He first met the Norwegian prime
minister. PACE President Peter Schieder also met the Armenian
president. They talked about Armenia’s democratization and election of
Terry Davis as secretary-general of the Council of Europe which took
place yesterday. Peter Schieder welcomed Armenia’s steps towards
democratization under President Kocharyan and spoke highly of our
country’s commitments to the CE.

Today Robert Kocharyan also visited the European Court of Human Rights
(ECHR) and met the president of this organization, Luzius
Wildhaber. They discussed the improvements in the Armenian court
system and judiciary, without which, according to Robert Kocharyan,
there can be no democracy in the country. After the Armenian
president’s speech in the PACE, the MPs asked him questions. The
questions were mainly about Armenia’s integration into the European
Union, a settlement of the Karabakh conflict and regional cooperation.

Asked by PACE’s co-rapporteur on Armenia Jerzy Jaskiernia as to when
Armenia plans to implement its commitments regarding the electoral
code and constitutional reforms, President Kocharyan answered that
they will be ready by the end of this year.

The Turkish and Azerbaijani representatives also asked questions. The
Turks were mainly interested in the opening of the Armenian-Turkish
borders and the president’s opinion about the possibility of
cooperation and relations. Robert Kocharyan reiterated that relations
should be built without any conditions attached and called for
regional cooperation. The Azerbaijanis, as always, made use of this
opportunity and, like a broken record, once again talked about the
occupied territories and refugees. The hall applauded Robert Kocharyan
when he said that he had led the Karabakh movement since 1988 and that
he was proud of this.

The Armenian president again announced our country’s position that
they should develop regional cooperation, which according to Robert
Kocharyan will create a favourable atmosphere for the settlement of
the conflict. Generally speaking, judging by the applause, the
Armenian president’s speech was accepted positively by the PACE.

After the PACE session the Armenian president held a news conference
which was a good opportunity for Turkish and Azerbaijani journalists
to meet the Armenian president. There were mainly questions about
Karabakh. President Robert Kocharyan said that the Turkish and
Azerbaijani journalists should study and get familiarized with the
laws according to which Nagornyy Karabakh by referendum was declared
an independent state.

Speaking about Azerbaijan’s claims for 20 per cent of the occupied
territory and the problem of refugees, Robert Kocharyan said that
Azerbaijan should bear responsibility for everything since it was the
one to start the hostilities in a territory which did not belong them,
hoping that they would win.

Robert Kocharyan is now holding a meeting with the newly-elected
secretary-general of the Council of Europe, Terry Davis which is about
to end.

From: Emil Lazarian | Ararat NewsPress

AZERI COURT JAILS FIVE FOR PICKET AGAINST ARMENIAN PRESENCE AT NATO MEETING

ANS TV, Baku
24 Jun 04

In accordance with the petition of the Nasimi district prosecutor’s
office, the Nasimi district court today sentenced the chairman of the
Karabakh Liberation Organization, Akif Nagi, and another four members,
Rovsan Fatiyev, Manaf Karimov, Mursal Hasanov and Ilkin Qurbanov, to
two months’ imprisonment.

The five men were arrested on 22 June in a picket outside the Hotel
Europe in protest against the presence of Armenian military officers
at a Baku-hosted seminar held within the framework of NATO’s
Partnership for Peace programme. The four were found guilty under the
Criminal Code article on hooliganism and putting up resistance to the
police, and Akif Nagi was found guilty under the article on inciting
people to illegal actions. They are being held at a temporary remand
centre in the Nasimi district for the time being. They will be
transferred to the Bayil prison tomorrow.

Firudin Mammadov, deputy chairman of the Karabakh Liberation
Organization, has been summoned to the Nasimi district prosecutor’s
office and is still being held there. According to information from
the prosecutor’s office, Firudin Mammadov has been asked to testify on
the 22 June incident.

From: Emil Lazarian | Ararat NewsPress

PRESS OFFICE
Diocese of the Armenian Church of America (Eastern)
630 Second Avenue, New York, NY 10016
Contact: Jake Goshert, Communications Officer
Tel: (212) 686-0710; Fax: (212) 779-3558
E-mail: [email protected]
Website:
June 24, 2004
___________________

Week of June 18 to June 24, 2004
* * *

ASP PARTICIPANTS HEAD TO ARMENIA

Participants in this year’s Armenia Service Program (ASP), organized by
the Armenian Church Youth Organization of America (ACYOA), headed to
Armenia on Tuesday (6/22), after a day of orientation and team-building
exercises at the Diocesan Center in New York City. While in Armenia,
the group of 26 young people from throughout the Diocese will serve as
counselors at a summer camp for needy children, and tour the country,
deepening their understanding of their faith and heritage. For updates
on the group in Armenia, and to learn more about the Armenia Service
Program, click to our website:
;selmonth=6&sel
year04

(Source: Diocese of the Armenian Church of America (Eastern), 6/22/04)
* * *

ARMENIAN OF THE YEAR HONORED WITH MEDAL OF FREEDOM

On Wednesday (6/23), President George Bush awarded the “Presidential
Medal of Freedom” to Dr. Vartan Gregorian. The medal is the nation’s
highest civilian award. Dr. Gregorian is the president of the Carnegie
Foundation and past president of Brown University and the New York
Public Library. Earlier this year, Dr. Gregorian was also the recipient
of the Eastern Diocese’s “Armenian of the Year Award,” during the 2004
Diocesan Assembly.

Dr. Gregorian was one of 13 people awarded the presidential medal during
the ceremony at the White House. Also receiving the award were such
luminaries as Pope John Paul II, entertainers Rita Moreno and Doris Day,
the late cosmetics entrepreneur Estee Lauder, golf legend Arnold Palmer,
the long-time editor of Commentary magazine, Norman Podhoretz, and
former Republican Senator from Massachusetts Edward Brooke, who in 1966
became the first African-American senator to be elected by popular vote.

To learn more about Dr. Gregorian, click to our website:

(Source: The New York Sun, 6/24/04)
* * *

CLICK TO OUR CALENDAR OF EVENTS

Today (6/24) from noon to 3 p.m., the St. Vartan Cathedral Avaks group
is hosting a picnic for the public on the Cathedral plaza. You can
learn about this, and many more exciting events around the Diocese, by
clicking to our website’s Calendar of Events:

If your parish is having an event, get it listed for free by e-mailing
the information to [email protected].

(Source: Diocese of the Armenian Church of America (Eastern), 6/24/04)
* * *

FIND THE PERFECT GIFTS ONLINE

You can find perfect gifts for any loved one by going to the St. Vartan
Bookstore website, Shopping online is safe,
easy, and quick.

Go to for great gifts for art lovers, young
readers, musicians, historians, cooks, and people proud to be Armenian.
New items are added to the online inventory every week.

For simple, secure, and speedy ordering, click to the St. Vartan
Bookstore today:

(Source: , 6/24/04)
* * *

COME TO THE ARARAT CENTER CONSECRATION, OPEN HOUSE ON SATURDAY, JULY 24

Every Armenian is invited to attend an open house and consecration on
Saturday, July 24, the last day of St. Vartan Camp. The day of free
food, live music, and fun will run from noon to 5 p.m. Archbishop
Barsamian will consecrate the land at 2 p.m. The event is free, and
open to the public.

RSVP by July 10, by e-mailing [email protected] or calling (212)
686-0710 ext. 43.

(Source: Ararat Youth and Conference Center, 6/24/04)
# # #

From: Emil Lazarian | Ararat NewsPress

PRESS RELEASE
Ministry of Foreign Affairs of the Republic of Armenia
Contact: Information Desk
Tel: (374-1) 52-35-31
Email: [email protected]
Web:

Minister of Foreign Affairs Launches Nansen Exhibit at the Council of Europe

Minister Oskanian inaugurated an exhibition of documents and photographs on
Fritjof Nansen, the Norwegian humanist-explorer, who established the first
High Commission for Refugees, under the League of Nations. The passports
given to Armenian refugees of the Genocide of 1915 bears his name.

The Nansen exhibit was sponsored by the Armenian delegation to the Council
of Europe, on the occasion of Norway’s taking on the presidency of the
Council.

Present at the opening were the Secretary General of the Council of Europe,
Walter Schwimmer, Secretary General of the Council of Europe Parliamentary
Assembly, Peter Schieder, Norway’s Prime Minister Kjell Magne Bondevik and
President Robert Kocharian.

The text of the Minister’s remarks appears below.

Minister of Foreign Affairs
Vartan Oskanian
On the Opening of the Nansen Exhibit
At the Council of Europe, Strasbourg
June 23, 2004

Mr. Schwimmer, Mr. Schieder, Mr. Prime Minister, and Mr. President,

Armenians have long been fascinated by and grateful to the Norwegian
Fridtjof Nansen. And not because he could ski 50 miles in a day or because
he explored Greenland and survived the North Pole.

As great as Nansen¹s interest was in adventure and the sciences, following
the first World War, he became deeply engaged in international affairs. And
this bore great significance for Armenia and Armenians. He supported the
Covenant of the League of Nations and advocated the rights of small nations.
He repatriated hundreds of thousands of prisoners of war. He mustered help
for millions in Russia dying of famine.

And, he helped establish and lead the office of High Commission for
refugees. In that capacity, Nansen tried to solve the problem of Greek
refugees and arranged for an exchange of 1.2 million Greeks living on
Turkish soil for about 1/2 a million Turks living in Greece. Nansen invented
the Nansen Passport, a document of identification which was recognized by
dozens of governments and which provided an identity to hundreds of
thousands of refugees, including great numbers of Armenians rendered
homeless by genocide, massacres and deportation, at the turn of the 20th
century.

He helped the stateless and homeless whose causes appeared politically
intractable. He helped the human victims on both sides of political and
military conflicts.

Before the creation of international aid and development programs, he drew
up a political, industrial, financial plan for creating a national home for
Armenians. He did this at the invitation of the League of Nations. And
although the League failed to implement the plan, Armenians and others
interested in justice and equal rights believe he accomplished a great deal
– by putting on the international agenda the rights of peoples to their own
homeland.

This man, who was awarded the Nobel Peace Prize, was a Norwegian from a well
to do family. Perhaps it was because he never had to struggle to assure his
own survival, that he had the time and the wherewithal to take on the
struggles of others.

The same can be said for the country and people of Norway who have been
blessed with natural wealth, and the wisdom to use it wisely. From the work
of the Nobel Committee to that of Transparency International, Norway has
found ways to encourage and reward those who make efforts to truly integrate
human rights and democratic values and good governance in their own
societies. With Norway at the helm of the Council of Europe, we look forward
to working together to follow Fritjof Nansen¹s example: to recognize that
which is good and right in society, and to work to improve those aspects
which are still incomplete.

In Armenia, we are thankful for the work of the Norwegian Refugee Council,
and we recognize that today¹s refugees are more fortunate than those whose
fate Fritjof Nansen tried to affect. Yet, judging by the number of those who
still regard the Nansen passports with pride, we can justifiably say that
Nansen gave documents and a sense of belonging to one generation, but his
legacy to succeeding generations is the recognition of a universal
responsibility to acknowledge each individual¹s right to live not as victims
but as equals, in charge of their own lives and their own destiny.

So we offer this modest exhibition, moved by the commitment of this great
humanist, and are proud that it is presented here, in the halls of the
Council of Europe, an organization which espouses the ideas and principles
around which Fridtjof Nansen lived his life.

From: Emil Lazarian | Ararat NewsPress

ArmenPress
June 23 2004

KARABAGH TOURISM BOOSTING

STEPANAKERT, JUNE 23, ARMENPRESS: According to Nagorno Karabagh
foreign ministry, tourism industry is booming with an annual 40
percent increase in the number of people wishing to visit it. Last
year 2,500 people traveled to Karabagh, the majority of them were
ethnic Armenians. On the rise is also the number of foreigners.
The foreign ministry said citizens of 70 countries visited
Karabagh in 2003. There is no information about people from Armenia
proper and CIS countries visiting Karabagh, as they are not
registered. The great majority of foreigners come to Karabagh as
tourists to see its places of interests, however Karabagh tourist
industry does not possess sufficient facilities. So far there are
only three destinations for tourists, while there are many other
areas that will be attractive for them.
Many of historical and cultural monuments are unavailable because
of poor roads, a major reconstruction of which is seen as number one
condition for bringing in more tourists. The absence of guidebooks,
maps is another obstacle, though some books and maps were already
published.
The government of Nagorno Karabagh ordered drafting of a tourism
industry development program, which still remains on paper. According
to unofficial figures, the annual income from tourism is around $1
million, but the biggest portion of this money does not enter
Karabagh as travel agencies from other countries are also engaged in
this business.
The government is also planning to reduce the cost of entrance
visa, that is $25 now, by around $2.

From: Emil Lazarian | Ararat NewsPress

Institute of War and Peace Reporting
June 23 2004

Armenia: the Rich Man’s View

Business venture luring diaspora Armenians to live the good life and
play golf against the backdrop of Mount Ararat.

By Alan Tskhurbayev and Sergiu Perju in Yerevan (CRS No. 239,
23-Jun-04)

On the edge of Yerevan with a spectacular view of Mount Ararat, a new
community is being built as a new paradise for the rich and powerful.

Slated to become the first `gated community’ in the south Caucasus,
Vahakni is being designed to combine an Armenian location with all
the comforts available in the West. It will offer high-quality
western-style housing and conveniences to its residents, around three
kilometres from the Armenian capital.

Located in the Ararat valley with the legendary peak in full view,
the 160-hectare housing development is the brainchild of Vahak S.
Hovnanian, a United States millionaire of Armenian extraction, who
owns the construction company Hovnanian Ltd.

`When Armenia gained independence, my first instinct was to build a
city here for Americans from the diaspora to return to,’ explained
Hovnanian. `The idea was to lure people back to their historical
homeland.’

Asked whether for him Vahakni meant business, money, or a personal
dream come true, Hovnanian said it was `a bit of each’.

`First of all, it’s business, but to me, this is a prime opportunity
to create more jobs for Armenia. I have always wanted to help my
people,’ he told IWPR. `If successful international entrepreneurs
move here from abroad, that means millions in direct investment.’

The development, under construction since last year, will consist of
upwards of 500 homes. Of an estimated 25 US million dollars earmarked
for the project, five million has already been invested in
infrastructure. So far only 20 homes have been sold and there is no
final construction date for the community.

`Of course there will be a certain isolation from the rest of
society, a big difference in living standards inside and outside the
community,’ conceded Karekin Odabashian, managing director of the
project.

`But Vahakni is in itself a lifestyle, which makes it different from
others. It is not true that housing here will only be available to
the privileged classes. Everyone is welcome – our prices are quite
normal for Armenia, on a par with apartment prices in prestigious
downtown neighbourhoods of Yerevan. But I always say that Hovnanian
Ltd is building more than just housing, we are building a way of
life.’

In fact, the `Hovnanian lifestyle’ is well out of reach of most
people in Armenia, where it would take someone earning an average
salary many lifetimes to be able to afford Vahakni’s real-estate
prices.

Those who have heard of Vahakni shrug it off as a place for the
fabulously rich. Suren Mikoyan, a taxi driver, said, `Every time I
drive by Vahakni, I look at these huge houses and feel depressed. It
seems to me that a whole different breed of people live there.’

Many of those `different’ people are expatriate Armenians. So far, 20
homes at Vahakni have been reserved for Armenians from France,
Canada, Russia, Switzerland and the UK.

Prospective buyers are free to choose from a great variety of layout
options, or even design their future home themselves with the
assistance of an architect. All homes will be fitted with security
systems, central heating, and fire alarm systems, as well as garages
and basements.

The majority of prospective residents are business people, something
which places high security requirements on the community. The only
vehicle entrance to Vahakni is guarded 24 hours a day.

`Security is one of the main reasons why I decided to move here,’ a
Canadian citizen who lives at Vahakni told IWPR, requesting
anonymity. `Back in Canada, the streets are not safe for my small
children. In that sense, Vahakni is ideal, and Armenia, I think, is a
great place to raise your children. There are security systems here,
but you can’t see them.’

Some residents are taking extra security precautions of their own.
Some have requested no photographing or videotaping around their
homes.

Other facilities intended for Vahakni include an international
school, a day clinic, a fitness centre – and Armenia’s first ever
golf club.

Vahak Hovnanian has high hopes for golf in the Caucasus, which he
says is both an art and a good way of doing business. `Golf is a
disease, and an infectious one, too. It’s a solitary sport: there’s
only you, your ball and your club. Playing golf is like painting a
picture.’

Perhaps not as perfect a picture as the view of Mount Ararat from the
golf course.

Alan Tskhurbayev and Sergiu Perju, from Moldova and North Ossetia
respectively, are graduating journalism students from the Caucasus
Media Institute in Yerevan.

From: Emil Lazarian | Ararat NewsPress

Azat Artsakh – Republic of Nagorno Karabakh (NKR)
June 23 2004

NEW CENTRAL OFFICE OF `ARTSAKHBANK’

On June 20 the official opening of the new office of `Artsakhbank’
took place in Stepanakert. At the ceremony were present the president
of NKR Arkady Ghukassian, prime minister Anoushavan Danielian, high
officials, members of parliament, members of the government, guests
from Armenia and abroad, representatives of the world of business.
Among the honourable guests were the president of the Central Bank of
the Republic of Armenia Tigran Sarghissian, representative of the
principal shareholders of `Artsakhbank’ CJSC, member of theboard
Arden Selefian. The president of the administration of `Artsakhbank’
Kamo Nersissian thanked the principal shareholders Vardan Simakesh
and Hrach Kaprielian for providing excellent conditions for the
personnel of the bank, the NKR authorities for their constant
assistance, and the Central Bank of Armenia for effective
cooperation. He presented the activity of the company in the recent
years. Being one of the main financial links in the NKR economy and
the only Armenian resident trade bank functioning in all the regions
of NKR `Artsakhbank’ greatly contributes to the implementation of the
main strategic economic programs, fulfills certain functions of the
central bank the first of which is serving the budget. Through the
bank also foreign investments are involved in the economy of Artsakh
promoting the general development of different spheres of industry
and enabling to create new jobs. The rising fiscal rates are the
evidence to the effective activity of the bank in the recent years.
Revenues grow year by year, this year by the data of May 1 the assets
of the bank totaled 16.3 billion drams against 2.9 billion drams in
2000, banking capital 2 billion drams against 1 billion drams in
2000. Only in 2003 the bank issued 11 billion drams of loans to legal
and natural persons and in the last three years the circulation of
loans surpassed 27 billion drams. Issuing of consumer and mortgage
loans tends to develop. Being a shareholder of the company `Armenian
Card’ `Artsakhbank’ has started a wide-scope activity directed at the
organization of service by international plastic cards. In the
nearest future the bank will enter the international market `Forex’
through the system of `Reiter’.Â

NIKOLAY BAGHDASSARIAN

From: Emil Lazarian | Ararat NewsPress