The market average rate of USD on February 23 totaled AMD 389,34 increasing by 0.08 point compared to February 22.

Euro exchange rate totaled AMD 518,64 increasing by 3.61 points, and the exchange rate of the Russian ruble increased by 0,09 point to total AMD 13,16.

No currency deals were concluded at NASDAQ OMX Armenia on Feb 13, CBA press service reported.

The European Commission adopted on Monday the second part of the Annual Action Program (AAP) for Armenia for 2011, worth € 24 million.

The program will contribute to the improvement of public sector transparency and performance, including the broadening of e-governance systems.

Moreover it will assist achieve regulatory convergence with the EU and international laws and standards in the areas of trade, for instance improving customs legislation, says the official website of the Commission.

Commenting on the program, European Commissioner for Enlargement and Neighbourhood Policy Stefan Fule said the decision shows that the EU stands ready to fulfill its promise to provide political support and increased assistance both financially and through advice and technical know-how.

“Our assistance has direct influence on the everyday life of Armenian citizens, since it aims for instance to improve data protection and to enhance and broaden e-governance systems in order to facilitate instance access for citizens to public databases,” he said.

Number of poor people increased by 270,000 in Armenia during the last two years, as a result of the 2008-2009 economic downturn. Currently there are 1.2 million poor people in Armenia, publication on social image of Armenia and poverty by the Armenian National Statistical Service for November reads.

Poverty level made 35.8% in Armenia last year, as compared to 27.6% in 2008. Extreme poverty level made 3.0%, as compared to 1.6% in 2008.

Over 54% of Armenian population was considered poor in 2004.

People, whose monthly allowance is below AMD 33,500 ($90), are considered poor

Most likely, the decline is conditioned by growth of supply ahead of new school year. Sales totaled $2.45 million.

The exchange offices purchase US dollar at the rate of AMD366.5/$1 and sell at the rate of AMD368.5/$1.

According to Bagratyan, the Armenian government is currently interested in creating an image according to which the dollar is close to 400 drams and not hurt oligarchs. “The oligarchs live by imports and don’t care about exports.”

Hrant Bagratyan doesn’t approve the predictions for Armenia’s economic growth by international organizations. “In 2009, the economic downfall was so huge that if the government doesn’t take any action, it will have a 10-12 percent growth. Unfortunately, they are going to take some actions, but wrong because their goal is to protect their businesses. In reality, yes, there can be 2.5-3 percent growth. They will present it in the range of 5-8 percent because the statistical service is currently ascertaining the inflation.”

The former prime minister is certain that the Armenian government will later be forced to pay a higher price for his steps.

“Who can I explain it to?” said Bagratyan, noting that RA Prime Minister Tigran Sargsyan is using incorrect economic terms. “Tigran Sargsyan is wrong when he says oligopoly determines Armenia’s economy. Armenia’s economy is based on monopolies. Two people determine everything concerning petroleum, aviation exchanges are a monopoly, there are three communication operators and it is a little like an oligopoly.”

Head of IMF Armenia Mission Mark Louis also evaluated Armenia’s economy as an oligopoly. “Louis also explained that Armenia’s economy is more like an oligopoly, rather than a monopoly. What are the young people doing? They come and don’t do anything after two years. We have been involved for the past 20 years. He is supposed to have a “nice story”. Armenia shouldn’t be inspired by somebody heading and reaching success,” said Hrant Bagratyan.

How can average citizens protect themselves from the economic crisis? In response to that, Bagratyan told “A1+”: “If they have savings, even 1,000 dollars, they should purchase precious metals, not gold, but platinum or precious works of art. Their prices have gone down, but they will go back up again over time.”

SCPEC’s check-ups revealed that several types of vodka, bottled and sold by Alex Grig, received their trademarks during an unfair competition.

According to preliminary estimate of SCPEC experts, the trade names of “Rodnik,” Khloptsi,” “Medoff,” “Premium,” “Zelyonaya Metka,” may be confused with the products of other economic entities registered in the market.
SCPEC will make a decision on the basis of experts’ conclusion.

If a violation is reported, Alex Grig owned MP Samvel Alexanian will be fined up to 500 000 AMD.

Cooperation prospects were also discussed at the meeting with the Head of Huawei. The Chinese Corporation expressed interest to launch activity in Armenia and the corresponding memorandum was signed following the results of discussions.

Huawei is a dynamically developing company and at present it yields only to American Intel as to the number of copyright licenses, and to Swedish Ericsson as to volumes of product sales.

According to RA President, high level of the political dialogue, active cultural, economic and educational cooperation, as well as support in different formats promotes confidence and understanding between the sates.

The sides pointed out successful implementation of various joint projects in energy, chemical industry, agriculture, science and technology, defense, culture and education.

The Presidents discussed China’s participation in the construction of Armenia-Iran railway, noting that operation of the joint Armenian-Chinese venture Shanxi-Nairit testifies to development of bilateral ties between the states.

Serzh Sargsyan and Hu Jintao expressed readiness to undertake extra efforts to expand Armenian-Chinese cooperation.

In Jan-March, 2010 Armenia’s GDP increased by 5.5% compared with the same period last year. According to statisticians, GDP per capita made nearly AMD 175.000 ($455 or €329). This achievement was reported in all branches of economy (except for the construction).

Volume of industrial products in the reporting period boosted by 10.4%, electricity production – by 9.8%, while gross agricultural output – by 3.2%. External turnover in Jan-March, 2010 increased by 29% with export – of 60.9%, and import – of 29%.

In addition, volume of retail turnover registered upturn of 1% only, while the average monthly nominal wage raised by 5.9%.

In the reporting period the marketed services jumped up at 6.2%, while in January had downturn of 2.2%.

Interestingly, the official unemployment rate as of end of March registered increase of 7.2

In Q1 2010 net income of commercial banks reached AMD 4.2 billion (before tax – AMD 5.4 billion), whereas loss – AMD 0.4 billion, CBA reports.

Depository institutions’ indices decreased dramatically, having the total retained profit for Q1 2010 reduced by 93.5%. Within the mentioned period, net interest margin of 28 institutions totaled AMD 1822.6 million, while net interest loss reached AMD 301.4 million.