Economy
Why is Armenia Changing Electric Vehicle Import Rules Midway?
Armenia’s government is preparing to amend its electric vehicle (EV) import policies by restricting VAT exemptions solely to newly manufactured vehicles. This shift raises several important questions, as the new rules may impact existing EV owners who imported their vehicles…
What Challenges Does the New Mandatory Stamping Requirement for Packaged Water Face?
Armenia’s new mandatory stamping program for packaged water, set to take effect on May 1, 2024, aims to establish product traceability from production to sale. Introduced by the State Revenue Committee (SRC), this initiative is intended to enhance product control.…
Temporary Closure on H-46 Tatev Road Due to Blast Operations
The temporary closure of a section of the H-46 /M-9/-Tatev-/M-2/ highway from kilometer markers 16+580 to 16+640 is due to planned construction and blast operations for infrastructure improvement. According to Armenia’s Road Department, the road will be closed from November…
Brent fell to $73.63 amid continued declines
On Monday morning, the price of Brent crude oil continued its decline, hitting $73.63 per barrel for January futures on London’s ICE Futures exchange. This marked a $0.25 (0.34%) drop from Friday’s close, when Brent prices saw a more substantial…
Armenian Trucks Face Long Delays at Russia-Georgia “Upper Lars” Border Crossing
Approximately 700 Armenian freight trucks are currently stalled at the “Upper Lars” checkpoint along the Russia-Georgia border. This congestion is attributed to adverse weather conditions along the strategic Gudauri-Kobi section of the Mtskheta-Stepantsminda-Lars international road, which is a vital route…
US dollar and other foreign exchange rates as of November 10
As of November 10, exchange rates in Armenia’s financial market show the USD at 386-389 AMD, EUR at 416-420 AMD, and RUB at 3.94-4 AMD. These rates, provided by rate.am, reflect the current trends for cash transactions. Rates may fluctuate…
Oil Prices Drop
As of November 8 trading sessions, oil prices have decreased. On the New York NYMEX exchange, the price of WTI oil dropped by 1.85%, reaching $70.43 per barrel. On the London ICE exchange, Brent oil prices declined by 1.64%, settling…
Foreign Exchange Rates as of November 9
As of November 9, Armenian banks have updated foreign exchange rates. The average purchase price for 1 USD is 384.83 AMD, while the sale price is 389.80 AMD. The Euro is being purchased at 412.25 AMD and sold at 423.47…
Stepantsminda-Lars road is currently closed for heavy trucks
The Stepantsminda-Lars road is currently closed for heavy trucks. Both Georgian and Russian emergency services reported the closure. The road often becomes impassable for trucks during winter due to harsh weather conditions. However, all roads within Armenia remain open and…
Over 400 Armenian Trucks Stuck at Upper Lars Checkpoint
At the Upper Lars checkpoint, over 400 Armenian trucks are waiting to cross the Russian-Georgian border, according to the North Ossetian Road Traffic Management Center. The electronic queue currently has 1,405 trucks, of which 439 carry Armenian license plates. The…
Positive Developments in Armenia’s Banking System: CBA Governor
On November 7, Central Bank Governor Martin Galstyan highlighted positive developments in Armenia’s banking sector during a regional conference. Strengthening financial stability and resilience is a crucial step for economic development. This year, the CBA increased the countercyclical capital buffer…
Import Quotas Set for Agricultural Products
On November 7, the government set tariff quotas on certain agricultural imports into Armenia. This decision aims to protect the domestic market, ensuring the competitiveness of local producers. The Eurasian Economic Commission regulates the use of tariff quotas to balance…
Armenia Signs New Memorandum for Copper Smelter Project
Armenian Minister of Economy announced the signing of a new memorandum with another potential investor to build a copper smelter in Armenia. The minister noted that a previous agreement was signed with the Zangezur Copper Molybdenum Combine, which has lagged…
U.S. Dollar Exchange Rate Increases in Armenia’s Financial Market
On November 5, the exchange rate of the U.S. dollar in Armenia rose to 387.24 AMD, a 0.15 AMD increase from the previous day, according to the Central Bank of Armenia. Meanwhile, the euro slightly dropped to 421.90 AMD, and…
Armenia’s Electricity Exports to Iran Exceed Average Levels
The volume of electricity exported from Armenia to Iran in 2024 has already surpassed average annual levels. According to Armenia’s Minister of Territorial Administration and Infrastructure, Gnel Sanosyan, exports reached over 370 million kWh within the first ten months of…