Armenia presents prospects of stock market developmentThe number of people showing interest in neighbor countries’ stock market is growing Cbonds Russia & CIS Fixed Income Conference kicked off in Yerevan on July 1, bringing together 200 participants from Russia, Armenia, Ukraine, Belarus and other CIS member countries. According to NASDAQ OMX Armenia CEO, Armen Melikyan, Armenian developing capital market arouses interest of the conference participants. July 3, 2010 PanARMENIAN.Net - He said that NASDAQ OMX Armenia creates essential conditions for the capital market development. Armenia was the first among CIS countries to host OMX stock operator. Meanwhile, the country’s government and Central Bank have assisted considerably the development of stock market. Melikyan advised potential issuers to undergo listing in Armenia, as the tariff policy is rather attractive here. Referring to the exchange’s plans, he attached importance to introduction of a new trade system and depository system, as well as transfer to T+3 mechanism. Besides, NASDAQ OMX Armenia will be working on attraction of new IPO to the Armenian capital market. The conference agenda included both official and unofficial events, during which interested parties can discuss cooperation opportunities. “The past year was successful enough, however with uneven recovery of the stock market,” said Sergey Lyalin, Cbonds CEO. “The Russian market has completely recovered. In Armenia and Ukraine, where the corporate sector is weakly developed the reanimation path was a bit different.” He also mentioned that the number of people showing interest in neighbor countries’ stock market is growing. For his part, first vice president of Promsvyazbank Artem Kostandyan emphasized that “exchange of experience will help crisis management and financial market improvement.” Vice Chairman of the Central Bank of Armenia Vache Gabrielyan said that Armenia has good outlooks for developing the corporate bonds market. “The banks, assets of which total 93% in the financial system of Armenia, dominate in the market, while assets of investment companies make 1-1.5% of the market,” he said. “The deals amounted to AMD 4.2bln during the first quarter of 2010, of which 75% are deals on corporate bonds. Armenia has created favorable conditions for foreign investors, what is proved by the fact that 75% of commercial banks in Armenia are based on foreign capital.” The national currency depreciated by 25%, what has hindered development of the market. Currently, Armenia’s economy is recovering, and 8.8% increase was recorded during five months of 2010. Besides, the government manages to control inflation to bring its annual rate to 5.5%. The Dram is also strengthening. Victoria Araratyan / PanARMENIAN News Most popular in the section Armenia’s “useless” manpower Small and medium sized businesses weigh in on consequences of war Hybrid banknotes New markets opening for home-grown products More articles in this section 4 rules for business success An ultimate guide Reduction of personnel and tax collection growth State Revenue Committee changes its policy Countries and goods that boosted Armenian export in 2016 Record figures | Putin congratulates Pashinyan’s birthday Russian President Vladimir Putin congratulated Armenian Prime Minister Nikol Pashinyan on his birthday on June 1. Opposition motorcade en route to Gyumri for large rally A motorcade of protesters headed by Archbishop Bagrat Galstanyan is heading to the city of Gyumri. Ruling MPs, Foreign Minister talk Armenia-Azerbaijan processes MOs from the ruling Civil Contract party met with the Foreign Minister Ararat Mirzoyan in the Armenian parliament. Russia: Armenia’s frozen membership weakens CSTO position in Caucasus A Russian envoy said any step that could alienate the CSTO member states from each other is “deeply wrong”. |