CBA Raises Refinancing Interest Rate To 4.5%

CBA RAISES REFINANCING INTEREST RATE TO 4.5%

Noyan Tapan
Aug 30 2006

YEREVAN, AUGUST 30, NOYAN TAPAN. At the August 29 sitting, the Central
Bank of Armenia (CBA) Board raised the repo interest rate by 0.25%
to 4.5%. This was the third step of such kind this year – in January,
the refinancing interest rate was raised from 3.5% to 4%, in late
July – to 4.25%. The CBA explains its decision by the necessity to
curb the possible high rates of inflation.

According to the CBA press service, the CBA Board takes a view that
registration of a two-digit economic growth is quite realistic this
year, but the previously indicated inflation risks have appeared
and will most probably continue. Among external environment risks,
the most notable one is an expected growth in international prices of
raw materials, oil and metals. Among domestic risks, the CBA pointed
out the decline in the agricultural sector, as a result of which the
seasonal fall in the prices of fruit and vegetables was less than
expected. At the same time, according to the same source, since 2006,
the continuous income growth has already had its effect on inflation
in such sectors as services and non-food commodities, which, by the
CBA’s estimates, will continue in the near future. The CBA Board
also attaches importance to the fact that considerable budgetary
expenditures envisaged in late 2006 will be conducive to inflation,
which will become evident in the first half of 2007.

According to the CBA, due to the above mentioned factors, inflation
within the next 12 months will exceed the maximum annual target index
of 3%. For that reason, the CBA does not rule out that it will againt
change interest rates in the coming months.

Road Map Or The Best Proposals

ROAD MAP OR THE BEST PROPOSALS

AZG Armenian Daily
31/08/2006

"We have to mark a breakthrough, but it depends on the proposals
of Armenian and Azerbaijani presidents. I think the sides will go
for mutual concessions as it is the only way of regulation," ANS
TV of Azerbaijan quoted US co-chair to OSCE Minsk Group, Matthew
Bryza as saying. He again ruled out any military solution to the
conflict. "Principles proposed by the co-chairs are still on the
negotiation table, and they can be called a road map. These are our
best proposals," said the US co-chair noting that both the Armenian
and the Azerbaijani sides display constructive approach in continuing
the peaceful regulation, he made sure during his Baku and Yerevan
visits. In his words, Armenian and Azerbaijani foreign ministers will
meet soon in Europe.

BAKU: Slovenia, Azerbaijan Presidents Meet

SLOVENIA, AZERBAIJAN PRESIDENTS MEET

Baku Today, Azerbaijan
Aug. 28, 2006

Azerbaijan’s President Ilham Aliyev visiting Slovenia today had a
one-on-one meeting with Slovenian President Janez Drnovsek.

APA reports quoting Azertag the sides exchanged views on development
bilateral relations and international issues. Following the meeting
of the presidents, the delegations held a meeting. The two heads of
state held a press conference.

Slovenian President Janez Drnovseki said Azerbaijan and Slovenia
declared their independences almost at the same time. Since that
time, the two countries have achieved great improvements in their
developments.

"We can achieve more progress through bilateral cooperation between
our countries. There exist opportunities to develop cooperation
in political, economic and cultural spheres. We can also take an
active part in the project of forming future Europe. I am hopeful
for Azerbaijan’s future EU membership and its full integration into
Europe. I believe the Nagorno Garabagh conflict will be resolved in a
peaceful way in this context. This problem will be solved by mutual
agreement. We know that this dispute between Azerbaijan and Armenia
has lasted long. I hope both countries will make joint efforts with
the European Union to cope with difficulties. Slovenia is ready to
help Azerbaijan by all possible means," Mr.Drnovseki said.

President Aliyev said the relations between the toe countries are
developing very speedily, and this visit will give impetus to further
development.

"There exists a potential to continue the successful cooperation
between our countries. At the same time, we are interested in Slovenia
as EU member country. I want to note that Azerbaijani hero Mehdi
Huseynzadeh fought shoulder to shoulder with Slovenians against
fascism and was buried in Slovenia," Mr.Aliyev said.

Touching on the resolution of the Armenia-Azerbaijan conflict,
President Aliyev said, Azerbaijan’s position bases on international
law norms.

"Azerbaijan’s territorial integrity has been violated. Armenia is
pursuing ethnic cleansing policy against Azerbaijan, which resulted
in over one million Azerbaijanis becoming internally displaced
persons. What Azerbaijan demands is to resolve the conflict within
international law norms," he underlined.

Azerbaijani alpinists willing to "conquer" Ararat

Azerbaijani alpinists willing to "conquer" Ararat

ArmRadio.am
25.08.2006 16:53

A group of Azerbaijani alpinists left for Turkey to climb to the
peak of Ararat Mountain together with mountaineers from Ukraine,
Russia and other countries.

Head of the Azerbaijani group of alpinists Saridun Mursagulov said
in an interview with "Trend" Agency that they climbed Ararat for
many times, but they never managed to conquer its peak.

Russia Is Cautious About Revaluation Of The Ruble

RUSSIA IS CAUTIOUS ABOUT REVALUATION OF THE RUBLE

Lragir.am
23 Aug 06

The Russian media informed that the Russian president Vladimir
Putin demanded that the minister of finance Alexey Kudrin stop the
revaluation of the ruble. During the August 22 meeting with Kudrin
the president said, "The revaluation of the ruble this year may have a
dramatic impact on the economy. If this process goes on, you will give
rise to problems for big companies." Besides, Putin was dissatisfied
with the growing rate of imports.

In the meantime, it is difficult to guess why the Armenian government,
namely President Robert Kocharyan fail to take care of the producers
of our country which is undergoing the same processes, but it is
supposed that all the pro-government oligarchs are importers: sugar,
flour, petrol, gas, etc.

I do not know Russia, but in Armenia the revaluation of the national
currency of Armenia has an apparently artificial component. If so
far the president of the Central Bank Tigran Sargsyan has announced
that the Central Bank does not interfere with the exchange rate of the
dram, quite recently a "pro-government" expert announced several times
within a week that the Central Bank has bought 60 million dollars to
prevent the harmful revaluation of the dram, and there is nothing
else it can do. In other words, people rack their brains to prove
that everything is normal and there is nothing artificial. They do
not seem to be successful, however.

Young Boxers Of Armenia Prepare For World Championship

YOUNG BOXERS OF ARMENIA PREPARE FOR WORLD CHAMPIONSHIP

Noyan Tapan
Aug 23 2006

VANADZOR, AUGUST 23, NOYAN TAPAN. The World Youth Championship of
Boxing will be held in the city of Agadir, Morocco on September 6-18. 7
boxers of Armenia, who from August 23 to September 3 will held teaching
and training gathering under the guidance of honorary trainer Derenik
Voskanian , will take part in that review. Among the boxers included
in the team are Europe youth double champion Azat Hovhannisian (54
kilograms, Ayntap) and multiple prize winners of the Europe and World
Youth Championships Ara Puluzian (60 kilograms, Etchmiadzin), Samvel
Barseghian (51 kilograms, Sevan), Derenik Gizhlarian (51 kilograms,
Armavir).

BAKU: Azerbaijan, Armenia May Join Efforts To Put Out Fires – Offici

AZERBAIJAN, ARMENIA MAY JOIN EFFORTS TO PUT OUT FIRES – OFFICIAL

Turan news agency, Baku
23 Aug 06

Azerbaijan may cooperate with Armenia in putting out fires in the
Karabakh conflict zone, Azerbaijani Deputy Foreign Minister Araz
Azimov has said.

Azerbaijan wants the fires to be extinguished and proposes an
ecological operation to this effect in the occupied territories,
Turan news agency quoted Azimov as saying on 23 August.

Azimov said that Azerbaijani and international experts may go the
affected zone if the Armenian side provides security guarantees. If
the Armenian side agrees to this, it will be very important for
confidence-building, the agency quoted him as saying.

BAKU: Mammadyarov: Armenian-Committed Arsons May Cause Ecological Di

ELMAR MAMMADYAROV: ARMENIAN-COMMITTED ARSONS MAY CAUSE ECOLOGICAL DISASTER IF NOT PREVENTED

Azeri Press Agency, Azerbaijan
Aug. 17, 2006

"If the arsons committed by Armenians in the occupied Azerbaijani
lands are not prevented, they will cause an ecological disaster.

Azerbaijan has made concrete offers to Armenian to prevent the fires,"
Azerbaijani Foreign Minister Elmar Mammadyarov told journalists,
APA reports.

The Minister said yesterday he received Andrzei Kaspiysk, personal
representative of the OSCE Chairman-in-Office regarding this matter.

"Mr.Kasprzyk is in Yerevan now to negotiate with Armenia to prevent
the fires. He will also convey our offers to official Yerevan. We’ll
discuss his impressions after that," Mr.Mammadyarov said.

He noted that if the offer is accepted, actiosn will be taken in the
affected areas with participation of international organizations,
"I do not know in which form the actions will be taken. But I must
say all the relevant bodies will be involved in it."

Stating that Armenia is responsible for all the developments in
the occupied Azerbaijani lands, Mammadyarov said the issue of
responsibility is mentioned in international conventions.

The Minister also informed about the Foreign Ministry Diplomatic
Academy’s action priorities.

"Initial measures will be implemented soon for the Diplomatic Academy
to function. The Academy will give master’s degree and doctor’s degree
for the time being," he said.

BAKU: OSCE Chair’s Special Envoy Visits Armenia And NK In Connection

OSCE CHAIR’S SPECIAL ENVOY VISITS ARMENIA AND NK IN CONNECTION WITH FIRE
Author: A.Ismayilova

TREND Information, Azerbaijan
Aug. 17, 2006

Special Envoy of OSCE Chairman-in-Office Andzey Kasprzyk, left for a
working visit to Armenia on 17 August. The Baku Office of the Special
Envoy told Trend that Kasprzyk would also visit the Nagorno-Karabakh
region.

Kasprzyk recently told Radio Liberty that it is taking into
consideration the fact that the fire intersected the border of Occupied
Areas and the situation in the Azerbaijan-Armenian border has been
made difficult.

Kasprzyk also did not rule out possible plans to monitor these areas
with the participation of international experts.

Mobile Ministry: Holy rollers help churches reach out to unchurched

The Fresno Bee (California)
Distributed by Knight/Ridder Tribune News Service
August 12, 2006 Saturday

A mobile ministry: Holy rollers help churches reach out to unchurched
car enthusiasts.

by Ron Orozco, The Fresno Bee, Calif.

Aug. 12–Many people have their minds on shish kebab, lulu burgers
and other food on a recent Sunday at the annual congregational picnic
of St. Paul Armenian Church of Fresno.

But in a grassy area nearby, Jackie Phillips of Kerman gets an early
start at the picnic’s classic- car show. She can’t take her eyes off
a 1957 Imperial Crown automobile shining in the afternoon sun.

"It’s the era — big boat," she says of the car’s appeal. "And the
colors," she says of the paint job, white with aqua trim.

Phillips, former director of Classic Thunderbirds International car
club, says her interest in classic cars is a key reason she accepted
her daughter’s invitation to the congregational picnic, which follows
the annual Blessing of the Grapes ceremony, at California Armenian
Home in east Fresno.

Many churches and faith-based organizations present car shows as
fundraisers and as bridges to connect with people, such as Phillips,
who normally wouldn’t attend a church event.

The car shows usually are designed to be carnivallike events,
offering food, music and activities for children. Organizers say the
atmosphere makes it easier for visitors and congregants to make
connections.

Northside Christian Church in Clovis has been presenting an annual
classic-car show for six years as a community outreach. Hundreds of
visitors converge each year on the church grounds on East Nees
Avenue. The most recent show was held June 24, when money from 90
car-entry fees helped to raise support to send 10 underprivileged
children to a weeklong summer camp.

"We want people to know Northside is not a stuffy church, but it has
fun, too," says Bill Lerma, who, as Northside car-show organizer,
joins the fun by showing his purple-blue, 1929 Ford two-door hot rod.

"The shows bring some people to just see our church and what it is
about," Lerma says. "We tell them our church service times, and say,
‘Bring your family.’ "

Horacio Aleman Sr., who founded the Reedley-based Cruising for Jesus
car ministry in 1996, says classic-car shows have taken a long road
to popularity.

Ten years ago, not all churches and faith-based organizations bought
into the concept, Aleman says. They were leery of what was perceived
to be potentially rough crowds interested in street rods, motorcycles
and low-rider cars.

"When I first started, I was an abomination to the church," Aleman
says.

Things have changed, however. Car shows now are designed to appeal to
families. For example, pony rides were available in an area next to
the classic cars displayed at the St. Paul Armenian Church event.

"America is into cars — that’s why the Lord put it in to my heart to
start the shows," Aleman says. "People love all cars — low-rider,
hot rods, racers. My shows draw to all cultures. When you do that and
bring in Jesus, it works.

"It was a no-no when I first started," he says. "Now, everyone is so
hungry to have them, I can’t keep up."

>From its fleet, Cruising for Jesus enters classic cars in shows
nationwide. The ministry also holds its annual classic-car show,
which will be next Saturday at Mueller Park in Reedley. Nearly 300
classic cars will be displayed.

During the summer months, Valley churches or faith-based
organizations present a car show per weekend, sometimes two.

NorthPointe Community Church will hold its annual That ’50s Thing car
show Sunday on its church grounds in northwest Fresno.

Organizers want to trigger people’s memories by providing a live
oldies band and having hamburgers available for sale. Proceeds will
benefit the church’s student ministries department.

The Rev. Bruce Hood, founder of Feed My Sheep Ministries of Fresno,
organizes six classic-car shows a year. He says people’s faces light
up while viewing the cars, particularly custom ones, chromed-down.

"You’ve got to like an array of them all lined up together," Hood
says. "It’s something that causes people to say, ‘Wow.’ "

Hood says Feed My Sheep Ministries partners with other faith-based
organizations to hold car shows that also draw attention to community
concerns, such as violence and gang activity.

For example, Feed My Sheep Ministries presented a Stop the Violence
car show at Madera Courthouse Park. More than 2,000 people attended
the event, which featured 100 cars, 40 motorcycles and 30 bicycles.

Members of Victory Outreach Church also gave a dramatic presentation.
Some members also talked about their faith conversions. Proceeds from
car entry fees of $5 to $15 benefited the Madera Rescue Mission.

"Some people can live next to a church but don’t even know the people
who go to the church or the pastor," Hood says. "The car shows put
the community in touch with the church. It’s a good tool."

Feed My Sheep Ministries will hold its annual classic car show Sept.
2 at Manchester Center in Fresno.

At the recent St. Paul Armenian Church event, Phillips says she is OK
with churches and faith-based groups holding car shows, in part, to
get to know people who may not normally attend a church event.

"Car shows are of interest to more and more people," Phillips says.
"They get people to come out."

More than six years ago, St. Paul Armenian Church member Tim
Kuckenbaker persuaded church officials to try the classic-car show at
the congregational picnic strictly as a fundraiser. He has been
car-show chairman since.

"I just wanted to add something to the event," Kuckenbaker says.

This year’s proceeds from entry fees will go toward buying new
uniforms and equipment for the church’s high school boys basketball
team, which competes in a church league.

Phillips isn’t the only visitor with a keen sense of classic cars.

Bob Thompson stops to admire the blue 1971 GTO. He owned a 1966 GTO
that he rebuilt himself.

"This brings back memories," Thompson says.

Thompson’s friend, Janet Crandall, says, "I’d like to get in that and
take it for a ride."

Thompson and Crandall both say they can understand why some churches
and faith-based organizations hold classic-car shows as a friendly
means to connect with people.

"I’ve been to camp meetings where there was sawdust on the floor,"
Crandall says, adding that her father is a retired Assemblies of God
minister, and her brothers form the Crandall Brothers gospel singing
group.

"I’m just glad churches are doing this," she says.

Classic-car owners such as Bob Der Mugrdechian, a member of St. Paul
Armenian Church, have feelings similar to Crandell’s.

Der Mugrdechian sits in a lawn chair next to his gray 1951 Plymouth
Suburban. He gives out plenty of smiles and handshakes.

"I just want to share the pleasure of my car with others," he says.
"It makes them happy."