Armenia, formally the Republic of Armenia, is a sovereign state in the South Caucasus district of Eurasia. Situated in Western Asia, on the Armenian Highland, it is flanked by Turkey toward the west, Georgia toward the north, the accepted free Nagorno-Karabakh Republic and Azerbaijan toward the east, and Iran and Azerbaijan's exclave of Nakhchivan toward the south. The Republic of Armenia constitutes just a single tenth of verifiable Armenia.
Armenia's budgetary framework isn't incorporated into the worldwide system. As indicated by the leader of the Armenian Central Bank's (CBA) office for money related framework approaches and examinations (Vahe Vardanyan) Armenian banks have no expansive resource fixations in remote markets, especially in capital markets. They about have no obtained securities (purported securitized bundles). Therefore, Armenia was basically unaffected by the Liquidity emergency of September 2008.
Armenian keeping money resources are low and makeup just 25 percent of the Gross Domestic Product (GDP).
|Agriculture||Vegetables, rice, potatoes, beans, strawberries.|
|Manufacture||pesticides, iron pipes, ferroalloys, scrap copper, etc.|
|Services (Including financial)||40.0% (2012 estimate)|
|Smart Systems LLC||Technology|
|Public Television of Armenia CJSC(Public TV H1, Nor Alik TV, Ararat TV, PanArmenian TV)||TV|
|Yerevan Brandy Company||Beverage|
|Armenia Telephone Company CJSC (Armentel-Beeline cellular network, land-lines, Internet)||Mobile|
|Kotayk Brewery LLC (Kotayk, Erebuni beer)||Beverage|
|Avshar Wine Factory||Beverage|
|Multi Group Stone||Mining|
In the prompt fallout of the crumple of the Soviet Union endeavors were made to keep up a typical cash (the Russian ruble) among CIS states. Armenia joined this ruble zone. In any case, it soon turned out to be certain that keeping up a cash union in the insecure political and monetary conditions of the post-Soviet states would be exceptionally troublesome. The ruble zone adequately fell with the one-sided financial change in Russia, 1993. As result, the states that were all the while taking an interest (Kazakhstan, Uzbekistan, Turkmenistan, Moldova, Armenia and Georgia) were 'pushed out' and compelled to present separate monetary standards. Armenia was one of the last nations to do as such when it presented the measure on 22 November 1993.
NASDAQ OMX Armenia, in the past "Armenian Stock Exchange" or "Armex", is the main stock trade presently working in Armenia. It is situated in Yerevan, the capital city. The stock trade started operations in 2001 as a self-administrative association established by the trade individuals. In November 2007, according to important corrections in the enactment covering the neighborhood securities showcase, it was demutualized and turned into an open business entity. On November 21, 2007, 100% of the stock trade's offers were bought by the Nordic trade administrator OMX Group that additionally works seven other stock trades in the Nordic/Baltic area.
In March 2008, after the merger of U.S. NASDAQ and Nordic OMX Group was finished, Armenian Stock Exchange, and in addition, the Central Depository of Armenia turned out to be a piece of the world's biggest trade administrator, the NASDAQ OMX Group, Inc. On January 27, 2009, the Armenian Stock Exchange has authoritatively renamed NASDAQ OMX Armenia.
The state administrative specialist for the stock trade and the Armenian securities showcase is the Central Bank of Armenia (CBA). Instruments right now exchanged on Armex incorporate stocks, corporate securities, government and CBA securities, cash, and REPO (repurchase understandings) on corporate securities. Exchanging hours for all business sectors are 11:00-15:00 (neighborhood time, GMT+4).
The executive of the Central Bank of Armenia (CBA) on Friday reverberated government confirmations that the worldwide budgetary emergency won't overflow into the Armenian managing an account segment, resounding affirmations made not long ago by Armenia's Prime Minister that Armenia would have the capacity to "climate the tempest," caused by intensifying descending winding of the worldwide economy.
Artur Javadian revealed to President Serzh Sarkisian that Armenian banks keep on being trusted by the populace and have adequate funding to maintain a strategic distance from real misfortunes. "The CBA guaranteed that Armenia can possibly adapt to and anticipate emergencies," Sarkisian's press benefit said in an announcement.
PM Tigran Sargsyan, who headed the CBA until keep going April, said on Thursday that the emergency represents no prompt danger to Armenia's managing an account division on the grounds that "the unwavering quality of our money-related segment is to a great degree high." Sargsyan forewarned while the emergency could, at last, hurt the Armenian economy in the event that it hits the European Union and Russia, Armenia's primary exchanging accomplices, harder.
Javadian was accounted for to reveal to Sargsyan that the CBA concocted three alternate courses of action of "pre-emptive measures." With the presidential office giving no points of interest, it was not clear if those measures are tuned in to steps recommended by Armenia's primary resistance organization together prior this week.
Sargsyan trained the CBA boss to brief him on "developments in the worldwide markets" on a week after week premise.
Sargsyan contended that Armenian banks and other fund establishments have adequate liquidity to climate the tempest sending shockwaves through the world markets. "In that sense, the unwavering quality of our budgetary segment is to a great degree high and gives us no motivation to stress," he told a news meeting.
Sargsyan advised while the emergency could, at last, hurt the Armenian economy in the event that it keeps on developing in the European Union and particularly Russia, Armenia's primary exchanging accomplices. A retreat in Russia "could quickly influence us" by cutting multimillion-dollar settlements sent home by countless Armenia's working there, said the previous long-lasting legislative leader of the Armenian Central Bank.
"On the off chance that monetary development in Russia'slows, the earnings of our countrymen will abatement thus will their private settlements sent to Armenia," he cautioned. "That could negatively affect our monetary segment and the level of utilization when all is said in done in light of the fact that 80 percent of the settlements are directed into utilization."
The settlements, which achieved another high of $1.32 billion a year ago and kept on rising quickly in the principal half of this current year, have been a central point behind Armenia's strong financial development. The development rate looks set to principle in twofold digits for the seventh continuous year.
In the meantime, Artsvik Minasyan, an individual from the Armenian Revolutionary Federation Parliamentary alliance, cautioned the National Assembly Thursday that Armenia's state spending plan was insufficient to address the difficulties confronting Armenia.
Minasyan, who is likewise the bad habit executive of the parliament's standing bonus on back and spending plan, said the 2009 spending plan was feeble and did not have any reserves for compensation, particularly the base pay of government workers, saying it is fundamental for parliament to embrace a procedure for open hirelings and their wages. He asked for equality in compensation for every government worker.
He additionally said that Armenia's swelling was being tended to through a tax collection arrangement, which regardless of the possibility that administration spending was to be cut, it would not be adequate to control the rising expansion.
Minasyan likewise presented a few resolutions, one that would disallow businesses from ending people more than 65.
As indicated by Sargsyan, the Armenian government trusts an ideal approach to decrease the nation's reliance on the money exchanges is to "radically increment" loaning to little and medium-sized organizations. "We have a significant comprehension with the World Bank and need to draw in extra assets to kill conceivable negative impacts," he said without going into points of interest.
Sargsyan met senior authorities from the World Bank and the International Monetary Fund amid a five-day visit to Washington that finished on Tuesday. And in addition going to yearly gatherings of the two loaning establishments, the Armenian head met U.S. President Dick Cheney and Secretary of State Condoleezza Rice. He affirmed that Armenia's current rapprochement with Turkey and the uncertain Nagorno-Karabakh strife were high on the plan of the discussions.
Sargsyan said he told Cheney and Rice that Yerevan is frustrated with Turkish President Abdullah Gul's and Azerbaijani Foreign Minister Elmar Mammadyarov's addresses a month ago at the UN General Assembly. "I said that the Turkish president's and Azerbaijani outside priest's discourses at UN General Assembly resembled an icy shower for us since they repudiated the soul of the gatherings and agreements that we had earlier," he said. "Specifically, we find unsafe the expression 'involved domains' that was utilized by the Turkish president."
The leader said Rice guaranteed him that the United States is against changing the arrangement of the Karabakh peace process led by the purported Minsk Group of the Organization for Security and Cooperation in Europe. He referred to Rice as likewise saying that Washington would like to accomplish "genuine advance in this arrangement procedure" after Wednesday's presidential race in Azerbaijan.
Opening a week after week meeting of his bureau prior to the day, Sarkisian said he won "the full support of the U.S. organization" for his eager monetary motivation that calls, in addition to other things, for a broad change of Armenia's duty and traditions bodies.
Armenia is a unitary, multi-party, majority rule country state with an old social legacy. Urartu was set up in 860 BC and by the sixth century BC, it was supplanted by the Satrapy of Armenia. In the first century BC, the Kingdom of Armenia achieved its tallness under Tigranes the Great. Armenia turned into the principal state on the planet to receive Christianity as its official religion. In the middle of the late third century to early years of the fourth century, the state turned into the primary Christian country. The official date of state selection of Christianity is 301 AD. The antiquated Armenian kingdom was part between the Byzantine and Sasanian Empires around the mid-fifth century. Under the Bagratuni tradition, the Bagratid Kingdom of Armenia was reestablished in the ninth century. Declining because of the wars against the Byzantines, the kingdom fell in 1045 and Armenia was not long after attacked by the Seljuk Turks. An Armenian realm and later a kingdom Cilician Armenia was situated on the shoreline of the Mediterranean Sea between the eleventh and fourteenth hundreds of years.
Between the sixteenth century and nineteenth century, the conventional Armenian country made out of Eastern Armenia and Western Armenia went under the management of the Ottoman and Iranian domains, more than once governed by both of the two throughout the hundreds of years. By the nineteenth century, Eastern Armenia had been vanquished by the Russian Empire, while a large portion of the western parts of the conventional Armenian country stayed under Ottoman run the show. Amid World War I, Armenians living in their genealogical grounds in the Ottoman Empire were deliberately eradicated in the Armenian Genocide. In 1918, after the Russian Revolution, all non-Russian nations pronounced their autonomy after the Russian Empire stopped to exist, prompting the foundation of the First Republic of Armenia. By 1920, the state was consolidated into the Transcaucasian Socialist Federative Soviet Republic, and in 1922 turned into an establishing individual from the Soviet Union. In 1936, the Transcaucasian state was broken up, changing its constituent states, including the Armenian Soviet Socialist Republic, into full Union republics. The advanced Republic of Armenia wound up plainly free in 1991 amid the disintegration of the Soviet Union.
The Republic of Armenia perceives the Armenian Apostolic Church, the world's most established national church, as the nation's essential religious foundation. The extraordinary Armenian letters in order were concocted by Mesrop Mashtots in 405 AD.
Armenia is an individual from the Eurasian Economic Union, the Council of Europe and the Collective Security Treaty Organization. Armenia underpins the true free Nagorno-Karabakh Republic, which was announced in 1991.
The dram is the monetary unit of Armenia. It is subdivided into 100 luma . The word "dram" translates into English as "money" and is cognate with the Greek drachma and the Arabic dirham. The first instance of a dram currency was in the period from 1199 to 1375, when silver coins called dram were issued.
On 21 September 1991, a national referendum proclaimed Armenia as an independent republic from the Soviet Union. The Central Bank of Armenia, established on 27 March 1993, was given the exclusive right of issuing the national currency.
In the immediate aftermath of the collapse of the Soviet Union attempts were made to maintain a common currency (the Russian ruble) among CIS states. Armenia joined this rublezone. However it soon became clear that maintaining a currency union in the unstable political and economic circumstances of the post-Soviet states would be very difficult. The rublezone effectively collapsed with the unilateral monetary reform in Russia, 1993. As result the states that were still participating (Kazakhstan, Uzbekistan, Turkmenistan, Moldova, Armenia and Georgia) were 'pushed out' and forced to introduce separate currencies. Armenia was one of the last countries to do so when it introduced the dram on 22 November 1993.
The measure is the fiscal unit of Armenia. It is subdivided into 100 luma. "Dram" converts into English as "cash" and is related with the Greek drachma and the Arabic dirham. The primary occasion of a measure cash was in the period from 1199 to 1375, when silver coins called measure were issued. On 21 September 1991, a national choice declared Armenia as an autonomous republic from the Soviet Union. The Central Bank of Armenia, built up on 27 March 1993, was given the selective right of issuing the national money. In the prompt outcome of the fall of the Soviet Union endeavors were made to keep up a typical money (the Russian ruble) among CIS states. Armenia joined this ruble zone. In any case, it soon turned out to be certain that keeping up a cash union in the shaky political and financial conditions of the post-Soviet states would be extremely troublesome. The ruble zone adequately fell with the one-sided fiscal change in Russia, 1993. As result, the states that were all the while taking an interest (Kazakhstan, Uzbekistan, Turkmenistan, Moldova, Armenia and Georgia) were 'pushed out' and compelled to present separate monetary standards. Armenia was one of the last nations to do as such when it presented the measure on 22 November 1993. kwanzas.
|National Song||"Mer Hayrenik"|
|Currency||Armenian dram (AMD)|
|GDP / GDP Rank||25.783 Billion USD|
|GDP Growth Rate||3 Percent|
|GDP Per Captial||$8620.975 (PPP)|
< 1.0% Muslims
< 1.0% Hindus
< 1.0% Buddhists
< 1.0% Jews
< 1.0% Other Religions
Other (Mostly Yezidi Kurds) 4%; Note: As Of The End Of 1993
President – Armen Sarkissian
Prime Minister – Nikol Pashinyan
|Website||Go to the web|
|Public Debt||51.813 Percent|
|Unemployment Rate||16.759 Percent|
|Labor Force (Occupation)||-|