Author: Adrine Hakobian

 17:31, 1 June, 2020

YEREVAN, 1 JUNE, ARMENPRESS. The Central Bank of Armenia informs “Armenpress” that today, 1 June, USD exchange rate down by 0.89 drams to 483.02 drams. EUR exchange rate up by 3.12 drams to 536.78 drams. Russian Ruble exchange rate up by 0.09 drams to 6.92 drams. GBP exchange rate up by 0.84 drams to 598.37 drams.

The Central Bank has set the following prices for precious metals.

Gold price up by 82.00 drams to 26845.76 drams. Silver price up by 4.01 drams to 273.16 drams. Platinum price down by 132.51 drams to 12811.8 drams.

 16:17,

YEREVAN, MAY 25, ARMENPRESS. Hearings on reports of 2019 activities of the public administration bodies continue in the government chaired by Prime Minister Nikol Pashinyan, the PM’s Office told Armenpress.

Today, on May 25, Foreign Minister Zohrab Mnatsakanyan reported the PM on the 2019 activity of the ministry.

In particular, the minister reported the works carried out on the directions of Armenia’s foreign policy priorities. He touched upon the actions taken for the peaceful settlement of the Nagorno Karabakh conflict, the international recognition and condemnation of the Armenian Genocide, the prevention of genocides and crimes against humanity, promotion of the agenda for protection of human rights, development of cooperation at bilateral and multilateral platforms. The minister said the Armenian diplomacy with its activity has affirmed that sovereignty is the most important principle of Armenia’s foreign policy and together with the two other principles – pan-Armenianism and mutual cooperation, it ensures the pursuit of the values and interests of the Armenian people at the international arena.

The FM introduced the steps taken to further develop the mutual partnership with Russia, the US, the countries of the European Union and the European continent, including with France and Germany, as well as with neighbors Georgia and Iran, the relations with the countries of various regions.

PM Pashinyan highlighted the development of relations with all partners and the implementation of consistent works aimed at fully utilizing and strengthening the potential of Armenia’s diplomatic service. He highlighted the necessity of expanding the economic component in the foreign policy process. “The foreign policy in all directions must be accompanied by presentation and involvement of economic projects”, he said. Nikol Pashinyan also emphasized the need to develop a new concept for fully utilizing the pan-Armenian potential, taking into account the changes and processes in the Diaspora in the past decades. He gave concrete tasks to the responsible officials over the foreign policy.

Editing and Translating by Aneta Harutyunyan

 21:26,

YEREVAN, MAY 19, ARMENPRESS. Foreign Minister of Armenia Zohrab Mnatsakanyan held a video conference with the OSCE Minsk Group Co-chairs  Igor Popov of the Russian Federation, Stéphane Visconti of France, and Andrew Schofer of the United States of America, as well as Personal Representative of the OSCE Chairman-in-Office Andrzej Kasprzyk.

As ARMENPRESS was informed from the press service of the MFA Armenia, the Armenian FM and the OSCE Minsk Group Co-chairs exchanged views on the regional developments following the recent video conference.

The sides also referred to the opportunities of paying a regional visit by the Co-chairs and holding meeting at ministerial level following the elimination of coronavirus-linked restrictions.  

Edited and translated by Tigran Sirekanyan

ArmInfo. According to the data at 11:00am on May 6, 163 new cases of coronavirus infection were detected in Armenia. This was reported by the Unified Information Center. According to the source, another 24 patients recovered.

In total, 2782 cases of coronavirus were confirmed in the republic, 1135 people recovered, 40 died. It is noted that yesterday another death was recorded when the patient had coronavirus infection, but death was due to another disease. Thus, the total number of such cases reached 7.  Currently, 1600 patients are receiving actual treatment.  In total, 26929 tests for coronavirus were carried out in Armenia. 

 16:05,

YEREVAN, APRIL 28, ARMENPRESS. During today’s session the Board of the Central Bank of Armenia made a decision to reduce the refinancing rate by 0.25%, setting it at 5.0%, the CBA told Armenpress.

In March 2020 0.5% inflation was registered in the Republic, compared to the 0.1% inflation in March 2019. In such circumstances the 12-month deflation was cut and comprised 0.1%.

The spread of the novel coronavirus and the healthcare measures for its prevention greatly and negatively affect the global economy, including the economic growth of Armenia’s partner countries, as well as have increased the fluctuation of raw material and food prices. Although the fluctuation of financial markets mitigated with the joint efforts of the central banks of leading countries, uncertainties and risks still remain at a high level. It’s estimated that this process will have a deflationary impact on Armenia’s economy.

Due to the negative impact of the coronavirus pandemic, economic activity in almost all spheres of the economy was declined in March 2020 compared to March 2019. According to the Bank’s forecasts, the decline in economic activity will deepen in the second quarter conditioned by the decline in both the demand and the supply. It’s estimated that the gross demand will also remain weak in the future, but it will be somehow mitigated by the anti-crisis measures taken by the Government of Armenia. At the same time, the uncertainties over the timeframe of overcoming the disease and the restoration of the economy have also grown, and after their minimization only it would be possible to assess more long-term changes of the structure and prospects of the Armenian economy.

Taking into account the ongoing and predicted foreign and domestic developments, the weakening demand, the current low inflationary environment and the stabilization of financial markets, the CBA Board finds it appropriate to increase the amount of promoting the monetary-credit terms, by reducing the refinancing rate.

Currently, uncertainties over short-term and long-term economic developments are quite high, which the Bank is also trying to take into account in its actions. In case of any risks the Bank is ready to clarify its policy respectively by ensuring the price stability in the medium-run. 

Editing and Translating by Aneta Harutyunyan