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20 The Armenian Reporter | July 12, 2008 Armenia The Ghanaghounian family from Iraq: a year later n Continued from page also helped the refugee families with their utility bills. The family said that the UNHCR, in collaboration with Mission Armenia, a benevolent organization, also initiated a winter clothing project last December. Each family member was given the dram equivalent of $190 to spend in a store in downtown Yerevan. The family is grateful for the gesture, although Mrs. Ghanaghounian said she would have spent the overall sum of $760 on other priorities if given the choice. The Ghanaghounian family has not been sitting around waiting for handouts. Finding employment has been a challenge for the family, however. Mr. Ghanaghounian is an electrician and his wife is an accountant. Along with their children they have been trying to find jobs, but their efforts so far have been in vain. Mr. Ghanaghounian has found temporary work, but nothing long-term. Shant, 18, has been accepted to the Yerevan State College of Industry, where he will major in programming. His older sister Nora will be applying to Yerevan’s Northern University. Having two students in college, however, will mean higher costs for the family. Although life in Armenia is pleasant and he has friends here, Shant thinks his future might be outside Armenia. “What will I do here? What will I work?” he asked. Even with all the difficulties, the family acknowledges that life is better now. “Life in Armenia is very sweet, very comfortable,” Mr. Ghanaghounians said. “It seems sweet since one cannot find this life in other countries; one cannot find this air and water elsewhere. We visit and see each other. We communicate. It is good in Armenia; it is nice and safe. You can walk without being scared; no one would scare you while you walked at night.” f Help for Iraqi-Armenian refugees YEREVAN – The Office of the United Nations High Commission for Refugees (UNHCR) in Armenia assists asylum seekers in Armenia during all stages of the asylum procedure. Armenia has received asylum seekers for several years. There has been a marked increase of refugees from Iraq over the last two years. Many Iraqi-Armenian families have made their way to Armenia via transit countries like Syria. They have often arrived in Armenia with few resources and knowing few people if any. The UNHCR representative in Armenia, Bushra Halepota, told the Armenian Reporter in an interview that there are many issues facing Iraqi-Armenian refugees who are seeking asylum in Armenia. Ms. Halepota said that although the immediate need is shelter, there are matters of employment, language barriers, cultural differences and overall integration that the refugees need assistance with. The UNHCR has recently started its activities assisting displaced persons in Armenia from Iraq. It has received $1,000,000 this year to implement its programs. Through the advocacy efforts of USAPAC, the Washington-based Armenian advocacy organization, along with awareness-building, funds are also being raised for emergency financial assistance to displaced persons arriving in Armenia. Armenia’s State Migration Agency (SMA) has exclusive responsibility for determining asylum requests and the naturalization process for Iraqi-Armenian refugees. Gagik Yeganian, head of the SMA, told the Armenian Reporter in an interview that his agency is handling about 1,000 cases. The SMA is also the UNHCR’s principal partner in the Iraqi-Armenian refugee program. The UNHCR’s assistance has been invaluable, Mr. Yeganian said. “Provisions are being made for shelter for the most vulnerable Iraqi-Armenian families. The UNHCR’s program can serve as a very good example of cooperation with the government,” he added. The Armenian government, for its part, has also made a commitment to assist the Iraqi-Armenian refugees. In a letter addressed to Mr. Antonio Guterres, the UN High Commissioner for Refugees, Foreign Minister Edward Nalbandian stated, “I wish to express to you the Armenian Government’s commitment, in support of UNHCR’s international resettlement program, to continue to accept Armenian/mixed Armenian Iraqi refugee families Nora and Silva Ghanaghounian standing in front of their window with a view of Mount Ararat in the background. Photo: Armenian Reporter. from countries of temporary asylum in the region that have opted to resettle in Armenia.” Independent of the UNCHR’s activities, a U.S.–based nonprofit, the Iraqi-Armenian Relief Fund, has helped 17 families come to Armenia. The fund raises money in the United States and spends it to relocate Iraqi-Armenians who wish to move to Armenia. The refugees have to get to Syria on their own, where the Armenian consulate arranges their paperwork at no charge. The fund pays for their Aleppo-Yerevan airfare and the rent for their first year in Armenia.. f KHACHIK BOZOGHLIAN SCULPTURE K.B. GALLERY llc 875 west 181st street & riverside drive New York, New York 10033 Mobile: 646.642.2241 www.bozoghlian.com
The Armenian Reporter | July 12, 2008 21 Armenia Market update by the Cascade Investments team: Yeghishe Keropyan, Hasmik Alekyan Central Bank focuses on resisting inflation For June 2008, the monthly yearon-year inflation rate climbed to 9.6 percent. It is well above the 4.5 percent inflation target set by the Central Bank of Armenia (CBA). But it is half a percentage point lower than it was in May. The CBA raised the refinancing rate another 25 basis points to 7 percent. In an interview with the ARKA news agency, CBA chair Arthur Javadyan said Armenia’s inflation rate was affected by the rise of international commodity prices, an increase in real wages, and an increase in foreign remittances. (The net income increase from last year on a yearon-year basis was 543 percent; net transfers increased 27 percent.) The CBA, he said, seeks to moderate internal demand and to depress inflationary expectations. Secondary markets reacted with an increase in short-term yields as well as a correction of 1–2 year yields to around 7.5 percent. Buying /selling of government securities to 1 years May’08 June’08 Exchange rates are expected to be stable Difference % % % 1-2 years 8.1 7.5 -0.6 2-5 years 8.8 8.0 -0.8 5-10 years 9.6 10.6 1.0 Repo to 7 days 6.5 7.3 0.8 to 14 days 7.5 8.0 0.5 to 28 days 7.7 7.9 0.2 over 28 days 7.4 7.5 0.1 Source: CBA Major foreign currencies fell against the Armenian dram (AMD) in the second part of the month. USD/AMD and EUR/AMD rates fell by 1.7 percent and 2.1 percent respectively over the second quarter of the year. Mr. Javadyan observed that the USD/AMD exchange rate has stabilized compared to the steep decline seen in 2007. He said imports and transfers have been balancing each other out. It would be useful for now to follow the inflation differential as well as changes in current accounts to estimate the future stability for USD/AMD. At Armex, the average price was 302.87 drams for 1 USD for June. Corporate securities On June 9 Araratbank OJSC issued corporate coupon bonds with the total volume of 400,000,000 AMD. They issued 40,000 notes with a par value of 10,000 AMD, an annual yield of 9 percent, and 18 months’ maturity. Indexes Cascade Business Sentiment Index (CBSI). The CBSI has reached 6.2 from last month;’s 5. This rise can be explained by the usual increase of business activities during the summer. Cascade Commodity Index (CCI). The CCI for June 2008 is 19,056. The index for June indicates a 5.7 percent increase over May. Almost all the commodity prices in the index have risen. The price of petroleum has, of course, skyrocketed in international markets. Only the price of flour has remained unchanged, due mostly to a slight decrease in international prices for grain and rice. The CCI has risen almost 26 percent since the beginning of the year. Major Events Union of Armenian Banks meets The Union of Armenian Banks (UAB) met in Dilijan on June 21. Mr. Javadyan of the CBA spoke about the establishment of an All-Armenian Bank. The basic goal of the bank will be to fund projects within the framework of decisions taken by the National Competitiveness Council. According to Mr. Javadian, the All-Armenian Bank will be guided by commercial principles; however, it will not get involved in competition with commercial financial institutions in Armenia. Instead, the All-Armenian Bank will turn to Reach over 100,000 Armenians with your message Advertise in the Armenian Reporter, on the new USArmenia Television, and on Armenia TV on the Dish Network. For more information, from the Western U.S. call 818.800.3311 or from the Eastern U.S. call 201.226.1995. % 12 10 8 6 4 2 0 0 2 4 6 8 10 12 Years Spot rate Forward rate YTM Source: CBA Yield Curve 26/06/2008 commercial banks and other investors with proposals to participate in investment projects. He noted that the bank is being established as an open joint stock company. International financial organizations and private investors, as well as the government of Armenia (with a minimum share participation of 20 percent) will become the founders of the bank. The bank is proposed through a law On the All-Armenian Bank, which is expected to be considered in September. The bank would be launched in the end of 2008. The capital of the Armenian banking system in 2007 grew by 38.3 percent, which is 2.8 times GDP growth times, the chairperson of the UAB, Emil Soghomonyan, stated at the meeting. He noted that the amount of credit provided by Armenian banks in 2007 increased by 67.9 percent over 2006, and the profitability of the banks with respect to their capital was 12.78 percent. Mr. Soghomonyan stated that in 2007 the general assets of the banking system grew from 20.4 percent of GDP to 25 percent; overall credit investments grew from 9.5 percent of GDP to 13.6 percent; the overall capital of the banking system grew from 4.5 percent of GDP to 5.3 percent; and individuals’ deposits grew from 5.4 of GDP to 6.3 percent. Armenia’s banks all among CIS top 1000 All Armenian banks were included in the list of 1000 top CIS banks for 2007, according to the volume 310 308 306 304 302 300 4/1/2008 4/8/2008 494 490 486 482 478 474 470 4/1/2008 Source: CBA of assets. The top Armenian banks were HSBC Bank Armenia, which occupied the 272nd place in the list, with assets of $343 million; Ardshininvestbank, which occupied the 294th place, with assets of $308.1 million; ACBA-Crédit Agricole Bank, which occupied 330th place, with assets of $263.7 million. New brand and strategy for Armimpexbank Armimpexbank announced on June 26 the conclusion of its rebranding and the new name of the bank, Ameria Bank. Ameria Bank will come up with a new corporate style developed by Britain’s Identica agency, Mediamax reported. Comprehensive insurance coverage for investors Property and Casualty Cargo Auto Exchange Rates USD/AMD 4/15/2008 4/22/2008 4/29/2008 5/6/2008 5/13/2008 EUR/AMD 4/8/2008 4/15/2008 4/22/2008 4/29/2008 5/6/2008 5/13/2008 5/20/2008 5/27/2008 Your risk is our business 5/20/2008 5/27/2008 6/3/2008 6/10/2008 6/17/2008 6/24/2008 6/3/2008 6/10/2008 6/17/2008 6/24/2008 Ameria Bank, continuing the 100-year history of Armimpexbank, intends to occupy a special place in the banking system of Armenia, establish itself as an investment bank, simultaneously offering the whole spectrum of banking services, based on modern technologies and international standards. Central Bank registers a new credit organization The board of the Central Bank of Armenia registered and licensed the CARD Agrocredit Universal Credit Organization and reregistered and relicensed eight investment companies: Cascade Investments, Yerevan Broker, Private Invest, Future Capital Market, Renesa, Capital Asset Management, Tonton, Alfasecurities, and Ameria Invest. f Short term coverage for visitors Travel In Country Medical Auto Renter’s Insurance
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