Thursday, December 26 2013

Tigran Khachatryan

Asmus Rotne: Today very few people in Armenia are investing in their businesses

Asmus Rotne: Today very few people in Armenia are investing in their businesses

ProCredit Bank Armenia started up in Armenia in
February 2008. The Bank’s activities in the country are based on ProCredit
Holding’s strategy and are focused on SME financing. Today ProCredit Bank
Armenia has almost 15% of this market and the biggest share of SME loans in its
total lending portfolio (90%).


 


In Q3 2013 you finally earned enough profit to be able to reduce your
losses. When are you planning to zero them and to become profitable? Are you
planning to intensify your lending activities for this purpose? What priorities
do you have here?


 


As of today we have already gone out of losses and are
beginning to make a profit. ProCredit Holding’s experience in other countries
shows that the average time its subsidiaries need for becoming profitable is
3-5 years. The reason why this took as a bit longer is that we started up right
before the global economic crisis. I think we are already quite active in
lending. This year we have had quite vigorous advertising campaigns to
familiarize both existing and potential customers with new aspects of our
business. The fact that we are a German bank makes us quite attractive. We are
shortly completing a campaign that will show what our customers think about us.
The quality of our services is constantly improving. We have almost no queues
in our offices. Our customers notice this. And this, in my opinion, is the key
reason why our clientele and business, in general, are growing.


 


In the last one and a half years you have increased your capital twice.
Do you have such plans for 2014?


 


According to our preliminary plans, in 2014 we will
continue increasing our capital but already in the form of a subordinated loan,
that is, the stakes of our shareholders will not be changed. In 2014 we will
continue increasing our loan book. So, we expect to show as serious results as
we showed this year.


 


You have the biggest SME lending share in your loan book and this is not
surprising considering the strategy of ProCredit Holding. What part of this
market does your Bank have? And what is the part of the Holding?


 


The Bank has almost 15% of the market, depending on
how you define a SME. In any case, this is much more than we have in the
aggregate business portfolio of the other Armenian banks. Here we have just
3-4%. But in SMEs we have quite a good share. I am not sure about the Holding,
in general. It has 22 banks all over the world, which makes it hard to
calculate.


 


Do you have any restrictions in selecting borrowers from among SMEs? Do
you set any requirements to them? If yes, are they different from the
requirements set by other banks?


 


We have criteria related to the environment in a
global sense. We do not finance businesses that pollute the environment or
worsen the social climate, be it a production of tobacco or an import of
alcohol. We are a responsible bank, so, we look for customers that are responsible,
reliable and efficient in their businesses.


 


Do you mean that there are few responsible customers on the market?


 


No. The problem is that in Armenia SMEs are having
hard times because of slow economic growth. The inflow of investments into the
country is shrinking and this is having a negative effect on the loan books of
the local banks. That’s why business lending in the banking sector has been
almost inactive in the last nine months.


 


What solutions would you suggest? Perhaps, the Government could help, as
it does when subsidizing agricultural loans?


 


I think that the best way for you to attain real
development is not so much to provide subsidies as to diversify opportunities
on the market. ProCredit Bank Armenia is also involved in the Government’s
initiative to subsidize agricultural loans. Under this program we offer our
customers AMD loans with a maturity of up to two years and an interest of 10%,
which is really good for them. This is even lower than the deposit rates
offered by some banks. But real business development in Armenia will be
possible only when local businessmen see real opportunities on the market and
are confident that their plans will face no obstacles. Today your businessmen
are not very much confident of the country’s economic future and prefer
delaying their investment plans. Today very few people are investing in their
businesses. Most of our borrowers prefer using our loans to finance their
working capitals. They simply do not trust the market.


 


What do you think about the potential of the SME market in Armenia?


 


Today it is not developing at all. Each bank is simply
trying to offer better terms and services for this small segment. And we are
quite successful here. Our loan book is growing not only because our services
are good. Our loans help SMEs to survive hard times. This, in turn, helps us to
establish long-term partner ties with them.


 


Can the compulsory accumulative pension system intensify SME market?


 


This system will change the capital market because it
will accumulate a lot of money, which will have to be invested. But it will
hardly intensify the SME market. It is more likely to influence large
companies, the turnover of public securities, bank bonds and deposits. As the
capital market will develop, this may cover smaller players as well, but hardly
at the initial stage.


 


You mentioned agricultural lending, where your bank is quite active.
What are your criteria for “agricultural borrowers” and what do you take as
security? Do you have preferential terms for the repayment of such loans?


 


We take as security a house, land, equipment, even
animals but for micro-loans we take no security at all. It is more important
for us to know who the borrower is and what he does: how responsible he is, if
he will be able to make a stable profit and to repay the loan. And it is also
important to know what he is borrowing the money for.


 


 


Given that your bank is the only bank that does not operate in the
market of government bonds, can we say that the Bank’s lending is continuous
and rules out free cash flow?


 


In case of short-term cash surplus, we can put the money into government
bonds, but we see no reasons yet to do that. Our goal in Armenia is to
contribute to development of small and medium-sized enterprises and we finance
this segment at the expense of the depositors’ funds. In addition, we can
always apply to our shareholders for financial support but there is no need to
do that now.   


 


What can you say about the card market? How much are you going to
increase the number of active cards and ATMs in 2014? How can you explain the
fact that the Bank is working with the Visa system only?


 


In 2014 we are going to expand the network of ATMs, but I can’t say to
what extent. As regards Visa, we decided to work with that system only, because
we think it is inexpedient to simultaneously use two systems, whose functions
do not differ much. We don’t work with ArCa local cards, because Visa cards are
more dynamic. The funds become available as soon as they are transferred to the
card account. Along with it, Visa cardholders have the advantage of making
international operations.    


 


What changes are expected in the loan and deposit rates? What will cause
the changes?


 


It is very difficult to say, but over the past few months the rates of USD
deposits have been dropping and those of AMD deposits have been on the rise. It
is hard to say how long this tendency will last. I think it is conditioned by
the current slow growth of the bank’s loan book, which reduces the need for
deposits.    


 


You have worked in different countries of the CIS. I’d like to know your
opinion about the specificity of the Armenian banking market in particular and
economy in general? How does the meditating role of Armenian banks differ from
that of other CIS countries?


 


What strikes the eye in Armenia is the too many banks for such a small
economy. There is no big concentration. The business sphere faces the opposite
situation – very strong concentration of large enterprises that cover almost
the whole market. So, the share of SMEs is very small. And our goal in Armenia
is to support the stalemated SME segment of the economy. 


 


So, you think that a big quantity of banks is bad for Armenia’s economy.
But a big quantity of banks ensures competition, which leads to more attractive
conditions, whereas concentration, on the contrary, leads to risks.


 


Well, to have too few banks is also bad, of course. As you have
mentioned, it rules out intensive competition, but I think 21 banks are too
many for Armenia. For instance, in Georgia 3 or 4 large banks share almost the
whole market. The small customer base of Armenia is unable to ensure
high-quality and efficient work of the 21 banks.  


 


How do you assess the competition in the Armenian banking market?


 


Certainly, competition exists and the real spread in Armenia, i.e. the
difference between the deposit and lending rates is rather small. As compared
to the interest rates in other CIS countries, the loan and deposit interest
rates in Armenia are low. We have repeatedly demonstrated that by focusing on
the service quality we can expand our customer base and loan book and that we
are capable of competing with other banks.   


 


What can you say about the capital adequacy of the Armenian banking
market? Doesn’t the market need more active capitalization?


 


I think Armenian standards of capital adequacy are too high. I can
explain it through the example of our bank. Our shareholders think our capital
is too big as compared to the loan book. By international standards we could
even work with smaller capital.  


 


How could you explain the almost zero growth in lending in the Armenian
market? Is it the lack of conscientious borrowers or …? When do you think the
situation will improve? Are any state programs needed for that?


 


The reasons of the stalled growth of the banking system’s loan book are
different. One of them is the complicated situation at some large enterprises.
As a result, the lending banks come across unforeseen problems. The case of
Armavia is an example. Another reason that has had a more serious effect on the
real sector, including the SME segment, is certainly the rise in gas and
electric power tariffs, which has considerably increased the expenditures of
both households and enterprises.      


 


It is already clear that next year Armenia is going to join the Customs
Union and further the Eurasian Economic Union. Can we say that our banks are on
the watch for the upcoming changes?


 


I think it is the customers rather than
the banks that are expecting changes, because most of the customers do not
simply understand what the Union implies and what changes it will bring to
Armenia's economy. The Government of Armenia has intensively been negotiating
with the European Union to have an Association Agreement with the EU and that process
itself has given some positive results. For instance, customs clearance has
become more flexible. Furthermore, though the Agreement has not been initialed,
positive changes are still visible. As regards the Customs Union, the situation
is still vague for our entrepreneurs.        


 


In general, the number of overdue loans is growing in the banking market
of Armenia, while standard lending has considerably slowed down. Would you
explain it by the deteriorated social condition of the borrowers or by the low
level of risk management in the banks? 


 


The problem of overdue loans can be
solved by a more careful lending policy only. Our portfolio of overdue loans
has also grown a little, but we are not alarmed yet. Like all the other banks,
we are not perfect. But I should point out that the share of overdue loans in
the total loan book is the lowest in our bank as compared to the rest of
ProCredit Holding's subsidiaries.


 


I wonder how you have managed to enhance the performance standard and
the service quality in the bank in a short period of time. How many “Young Bankers Programme”
participants are there in the total staff of the Bank for the moment?                                               


 


We have taken numerous measures. We have put a big emphasis on
enhancement of the service quality. Apparently, you are aware of our “Young Bankers Programme”.
Under the Programme
we have been training our future employees for two years. So, all these young
people have been trained by our highly skilled personnel and have become part
of our competent staff. Today they constitute more than one-third of the Bank’s
total staff. I’d like to say that I am amazed at the knowledge of these young
people. I can say with confidence that Armenia will really have a bright future
with such smart youth.   

POST A COMMENT
Input digits     

Deputy Prosecutor General and Head of EU Delegation in Armenia  discussed judicial reformsDeputy Prosecutor General and Head of EU Delegation in Armenia  discussed judicial reforms
Prime Minister: The Government will make every effort to ensure that  the case of Georgi Kutoyan`s death is fully disclosedPrime Minister: The Government will make every effort to ensure that  the case of Georgi Kutoyan`s death is fully disclosed
Prime Minister: Opposition should take advantage of all opportunities  provided to itPrime Minister: Opposition should take advantage of all opportunities  provided to it
VTB Bank (Armenia) offers to issue loans secured by gold on favorable  termsVTB Bank (Armenia) offers to issue loans secured by gold on favorable  terms
Pashinyan supported the process of closing obstetric facilities that  do not comply with standards Pashinyan supported the process of closing obstetric facilities that  do not comply with standards 
Rustam Badasyan: The state of health of former MP, General Manvel  Grigoryan, was incompatible with the arrest of the latterRustam Badasyan: The state of health of former MP, General Manvel  Grigoryan, was incompatible with the arrest of the latter
More than half of Yerevan residents work not in their specialtyMore than half of Yerevan residents work not in their specialty
Arsen Torosyan: At present, in Armenia there is no need for  quarantine measures in connection with a new type of coronavirusArsen Torosyan: At present, in Armenia there is no need for  quarantine measures in connection with a new type of coronavirus
MFA: Lack of relations with Turkey is a challenge for ArmeniaMFA: Lack of relations with Turkey is a challenge for Armenia
Armenian-Italian inter-MFA political consultations held in YerevanArmenian-Italian inter-MFA political consultations held in Yerevan
Hikmet Hajiyev: Last year was a lost year for resolution of the  Nagorno Karabakh conflictHikmet Hajiyev: Last year was a lost year for resolution of the  Nagorno Karabakh conflict
Vladimir Pozner will present his Vladimir Pozner will present his "Farewell to Illusions" book to  Moscow public in Armenian 
UN to consider the 3rd periodic report of Armenia on human rights UN to consider the 3rd periodic report of Armenia on human rights 
Armenian IC reported circumstances of death of a contract serviceman  in ArtsakhArmenian IC reported circumstances of death of a contract serviceman  in Artsakh
IC: No silencer was found on Georgy Kutoyan`s gunIC: No silencer was found on Georgy Kutoyan`s gun
Armenia at Presidential level to take part in World Holocaust Forum  2020Armenia at Presidential level to take part in World Holocaust Forum  2020
Sarkissian and Barzani discussed prospects of obtaining higher  education for students from Iraqi Kurdistan in Armenian universitiesSarkissian and Barzani discussed prospects of obtaining higher  education for students from Iraqi Kurdistan in Armenian universities
With the support of Beeline Armenia, the Startup Club initiative was also launched in GavarWith the support of Beeline Armenia, the Startup Club initiative was also launched in Gavar
Gagik Khachatryan`s lawyers refute information about detention of his  sonGagik Khachatryan`s lawyers refute information about detention of his  son
Official: Armenia plans to limit cash turnover of pension paymentsOfficial: Armenia plans to limit cash turnover of pension payments
Expert: Citizens who use the services of the media should know how  this or that media product is producedExpert: Citizens who use the services of the media should know how  this or that media product is produced
Forecast: Tensions in the region may affect the situation in ArtsakhForecast: Tensions in the region may affect the situation in Artsakh
The formation of a new government in Lebanon, which included an  Armenian, did not stop the protests in the countryThe formation of a new government in Lebanon, which included an  Armenian, did not stop the protests in the country
"My step" criticized the creation in the National Assembly of the  commission of inquiry to study the aspects of the municipality
RA Prime Minister: Having invested 271 million drams in New Year`s  events, it was possible to ensure the growth of money circulation by  9.307 billion dramsRA Prime Minister: Having invested 271 million drams in New Year`s  events, it was possible to ensure the growth of money circulation by  9.307 billion drams
The parliament of Armenia has a paradoxical situation related to the  composition of the commission to investigate corruption risks in the  Yerevan MunicipalityThe parliament of Armenia has a paradoxical situation related to the  composition of the commission to investigate corruption risks in the  Yerevan Municipality
Commercial banks of Armenia will have to reveal banking secrecy  during investigation of corruption crimesCommercial banks of Armenia will have to reveal banking secrecy  during investigation of corruption crimes
Union of Armenians of Ukraine calls on Wizz Air to launch flights   Zaporozhye - YerevanUnion of Armenians of Ukraine calls on Wizz Air to launch flights   Zaporozhye - Yerevan
MFA: There are no clearly defined dates of meeting between the Prime  Minister of Armenia and the President of AzerbaijanMFA: There are no clearly defined dates of meeting between the Prime  Minister of Armenia and the President of Azerbaijan
Deputy Minister: The aggravation of the situation between Iran and  the USA may result in serious consequences for ArmeniaDeputy Minister: The aggravation of the situation between Iran and  the USA may result in serious consequences for Armenia
Mexico-Armenia Friendship Group Chairman visits Tsitsernakaberd  MemorialMexico-Armenia Friendship Group Chairman visits Tsitsernakaberd  Memorial
Shirak Torosyan: Pogroms of Armenians in Baku was another  manifestation of the genocidal policies of Turkey and Azerbaijan  towards the Armenian peopleShirak Torosyan: Pogroms of Armenians in Baku was another  manifestation of the genocidal policies of Turkey and Azerbaijan  towards the Armenian people
Serzh Sargsyan`s team of lawyers made a statementSerzh Sargsyan`s team of lawyers made a statement
Head of  Head of  "My Step" faction is confident that issue related to  slaughterhouses could be resolved, taking into account interests of  all parties
Lilit Makunts: The key to all necessary reforms, including on issue  of Lilit Makunts: The key to all necessary reforms, including on issue  of "Super Prime Minister System" of government, is political will
Owner of TV5 remains in custodyOwner of TV5 remains in custody
Passions run high in Armenian parliament, sensational bill on banning  criminal subcultures has become an apple of discordPassions run high in Armenian parliament, sensational bill on banning  criminal subcultures has become an apple of discord
Court rejected  Manvel Grigoryan`s defense motion on his treatment in FranceCourt rejected  Manvel Grigoryan`s defense motion on his treatment in France
Court hearing in case of Robert Kocharyan again postponedCourt hearing in case of Robert Kocharyan again postponed
Parliament of Armenia will establish an investigation commission to  study agreements on transfer of vehicles to Yerevan MunicipalityParliament of Armenia will establish an investigation commission to  study agreements on transfer of vehicles to Yerevan Municipality
Armenian Ombudsman points out legislative gaps in judicial systemArmenian Ombudsman points out legislative gaps in judicial system
Deputy Minister: New mechanisms for overcoming poverty are aimed at  ensuring financial stability for poor familiesDeputy Minister: New mechanisms for overcoming poverty are aimed at  ensuring financial stability for poor families
PC Head: Killing high-ranking officials has far-reaching goalsPC Head: Killing high-ranking officials has far-reaching goals
Analyst: In Ankara, they obviously didn`t count to the end what they  tried to swipe atAnalyst: In Ankara, they obviously didn`t count to the end what they  tried to swipe at
The section of the Sotk-Karvachar road is difficult for all types of  vehiclesThe section of the Sotk-Karvachar road is difficult for all types of  vehicles
 In Armenia, court decisions to refuse provisional arrest may be  appealed In Armenia, court decisions to refuse provisional arrest may be  appealed
Armenian police will be given the opportunity to independently  wiretap citizensArmenian police will be given the opportunity to independently  wiretap citizens
Armen Sargsyan at a meeting with members of the Switzerland-Armenia  Chamber of Commerce in Zurich presented his vision of the future of  Armenia.Armen Sargsyan at a meeting with members of the Switzerland-Armenia  Chamber of Commerce in Zurich presented his vision of the future of  Armenia.
Date of presidential and parliamentary elections in Artsakh decided Date of presidential and parliamentary elections in Artsakh decided 
Residents of the Georgian Gorelovka village blocked the road leading  to ArmeniaResidents of the Georgian Gorelovka village blocked the road leading  to Armenia
Armenian Ministry of Education delegation familiarized itself with  British education systemArmenian Ministry of Education delegation familiarized itself with  British education system
Human rights activist: Kutoyan`s death deprived society of details  about the state capture processHuman rights activist: Kutoyan`s death deprived society of details  about the state capture process
 National Security Service discovered drug smuggling channel from USA  to Armenia National Security Service discovered drug smuggling channel from USA  to Armenia
Gevorg Petrosyan will represent Prosperous Armenia faction in the  specialized committee on constitutional reformsGevorg Petrosyan will represent Prosperous Armenia faction in the  specialized committee on constitutional reforms
Forecast: The resignation of the government will not lead to  significant changes in RussiaForecast: The resignation of the government will not lead to  significant changes in Russia
10 types of national awards to be introduced in Armenia10 types of national awards to be introduced in Armenia
Over 30 SRC employees undergo retraining as part of EU initiativeOver 30 SRC employees undergo retraining as part of EU initiative
American Turks are trying to disrupt the conditional release of  American Turks are trying to disrupt the conditional release of  "ASALA" fighter  Hampig Sassounian
In Armenia an attempt is being made to simplify procedure for holding referendumIn Armenia an attempt is being made to simplify procedure for holding referendum
NSS submitted a motion for extension of Gagik Khachatryan`s nephew  arrestNSS submitted a motion for extension of Gagik Khachatryan`s nephew  arrest



Azerbaijani political scientist: Trump`s decision to neutralize  Suleimani is part of the internal political struggle in the USAAzerbaijani political scientist: Trump`s decision to neutralize  Suleimani is part of the internal political struggle in the USA
Sergey Markedonov: In 2019, Pashinyan demonstrated the ability to  roll with the punchesSergey Markedonov: In 2019, Pashinyan demonstrated the ability to  roll with the punches
Satanovsky: Soleimani became a victim of Trump`s election ambitionsSatanovsky: Soleimani became a victim of Trump`s election ambitions
Lavrov in Baku discussed details of his plan on KarabakhLavrov in Baku discussed details of his plan on Karabakh
Armenian-Indian ties have great potential for development in the pharmaceutical industryArmenian-Indian ties have great potential for development in the pharmaceutical industry
The invasion of Syria is the result of Erdogan`s panic reaction to  problems with the US, EU and NATOThe invasion of Syria is the result of Erdogan`s panic reaction to  problems with the US, EU and NATO
Politician and statesman Masis Mayilyan’s election as Artsakh president is required for Armenia`s breakthroughPolitician and statesman Masis Mayilyan’s election as Artsakh president is required for Armenia`s breakthrough
Fyodor Lukyanov: The fragility of the situation around Karabakh by no  means contain high risks of a warFyodor Lukyanov: The fragility of the situation around Karabakh by no  means contain high risks of a war
By creating a counterbalance to the 102nd base, Turkey will claim for ousting Russia from the South CaucasusBy creating a counterbalance to the 102nd base, Turkey will claim for ousting Russia from the South Caucasus
Rachya Arzumanyan: Former power in Artsakh today solves the problem  of its own reproductionRachya Arzumanyan: Former power in Artsakh today solves the problem  of its own reproduction
Edmon Marukyan: We are doing everything to ensure that there is more  America in ArmeniaEdmon Marukyan: We are doing everything to ensure that there is more  America in Armenia
View from Baku: Small amounts of US aid to Armenia are conditioned by  the latter`s membership in the CSTOView from Baku: Small amounts of US aid to Armenia are conditioned by  the latter`s membership in the CSTO
Academician: Europe`s soft line towards Turkey is explained by the  problem of refugeesAcademician: Europe`s soft line towards Turkey is explained by the  problem of refugees
Expert: Washington increases military component of its pressure on  IranExpert: Washington increases military component of its pressure on  Iran
NKR Foreign Minister: Future President of Artsakh should not be  associated with money and weaponsNKR Foreign Minister: Future President of Artsakh should not be  associated with money and weapons
Artsakh Foreign Minister: There are still no grounds for positive  expectations from the talksArtsakh Foreign Minister: There are still no grounds for positive  expectations from the talks
Alexey Malashenko: Alexey Malashenko: "It doesn`t matter to us who is in power in  Armenia, we will agree, all are our fellows"
Muslim Armenians in terrorist networks is a serious wake-up call for ArmeniaMuslim Armenians in terrorist networks is a serious wake-up call for Armenia
Analyst: Armenia has not realized what happened in St. PetersburgAnalyst: Armenia has not realized what happened in St. Petersburg
 Forecast: Turkey`s classification by US think tanks as a Forecast: Turkey`s classification by US think tanks as a "formal ally" will lead to increase of the importance of the South Caucasus countries
Wojciech Goretski: If Moscow could control April the war to the end, in Karabakh would have stood the Russian peacekeepersWojciech Goretski: If Moscow could control April the war to the end, in Karabakh would have stood the Russian peacekeepers
Forecast: Yerevan`s Forecast: Yerevan`s "flight" from Moscow is unlikely
State Minister: Artsakh`s economy needs investment rather than assistanceState Minister: Artsakh`s economy needs investment rather than assistance
Arayik Harutyunyan: We will in civilized manner put in their place all those who try to destabilize the situation in ArtsakhArayik Harutyunyan: We will in civilized manner put in their place all those who try to destabilize the situation in Artsakh
Hrachya Arzumanyan: There are three scenarios of Artsakh settlement in the 21st centuryHrachya Arzumanyan: There are three scenarios of Artsakh settlement in the 21st century
Armenia conducts equally open policy both in relations with the West  and RussiaArmenia conducts equally open policy both in relations with the West  and Russia
Kiro Manoyan: Armenia-Artsakh military-political agreement will be a  yellow card for AzerbaijanKiro Manoyan: Armenia-Artsakh military-political agreement will be a  yellow card for Azerbaijan
Ukrainian analyst: Zelensky`s victory is another catastrophic defeat  for Putin`s Russia in UkraineUkrainian analyst: Zelensky`s victory is another catastrophic defeat  for Putin`s Russia in Ukraine
Karabakh negotiation process has entered so-called “Cyprus path” when geopolitical players appeared in the regionKarabakh negotiation process has entered so-called “Cyprus path” when geopolitical players appeared in the region
Andrey Pyatakhin: Operators in Armenia are competing today for Internet rather than for voiceAndrey Pyatakhin: Operators in Armenia are competing today for Internet rather than for voice
MP: In Armenia, the media turn into a weapon of political struggle in  the information warMP: In Armenia, the media turn into a weapon of political struggle in  the information war
ICG representative: In order find a compromise on new settlements,  legalistic approach should be abandoned and the issue should be  considered in political frameworkICG representative: In order find a compromise on new settlements,  legalistic approach should be abandoned and the issue should be  considered in political framework
Robert Kocharyan`s supporter, who suggested that  witness in criminal  case refuses to testify, was detainedRobert Kocharyan`s supporter, who suggested that  witness in criminal  case refuses to testify, was detained
Forecast: The US administration may move towards the recognition of  the Armenian GenocideForecast: The US administration may move towards the recognition of  the Armenian Genocide
 Robert Kocharian: The stage of tactical expectation has passed,  Armenian society is entering a phase of active operations Robert Kocharian: The stage of tactical expectation has passed,  Armenian society is entering a phase of active operations
A look from Jerusalem: Armenia is busy with internal problems and  looks at the rest of the world very littleA look from Jerusalem: Armenia is busy with internal problems and  looks at the rest of the world very little
The desecration of the monument to Griboedov in Yerevan: A worthy  answer for Nzhdeh or the voiced slap in the face of the Armenian  people?The desecration of the monument to Griboedov in Yerevan: A worthy  answer for Nzhdeh or the voiced slap in the face of the Armenian  people?
Lavrov in Baku discussed details of his plan on KarabakhLavrov in Baku discussed details of his plan on Karabakh
Nzhdeh memorial plaque dismantled in ArmavirNzhdeh memorial plaque dismantled in Armavir
Oppositionist: Wishing good luck to the Pashinyan government, we are  not going to give up criticism of his workOppositionist: Wishing good luck to the Pashinyan government, we are  not going to give up criticism of his work
MP: Robert Kocharyan`s lawyers are doing everything possible to avoid  the start of the trial MP: Robert Kocharyan`s lawyers are doing everything possible to avoid  the start of the trial 
Armenian President received head of Georgia`s Partnership FundArmenian President received head of Georgia`s Partnership Fund
Wording on Karabakh is reflected in final declaration of II Baku  Summit of World Religious LeadersWording on Karabakh is reflected in final declaration of II Baku  Summit of World Religious Leaders
US Senator blocked vote on draft Armenian Genocide resolution in  upper house of US CongressUS Senator blocked vote on draft Armenian Genocide resolution in  upper house of US Congress
Official Baku reacted to the words of Sergey Lavrov in YerevanOfficial Baku reacted to the words of Sergey Lavrov in Yerevan
Serzh Sargsyan: Real democracy was a response to populism, which  posed a serious challenge to many countries of the worldSerzh Sargsyan: Real democracy was a response to populism, which  posed a serious challenge to many countries of the world
Pashinyan about the reasons for Hayrapetov`s dismissalPashinyan about the reasons for Hayrapetov`s dismissal
Russian Embassy in Armenia has responded to the report Russian Embassy in Armenia has responded to the report "The presence  of the Russian base in Armenia, and its impact on the human rights  situation in the country"
Nikol Pashinyan: Unfortunately, in our country, a general trend today  leads to the rejection of spiritualityNikol Pashinyan: Unfortunately, in our country, a general trend today  leads to the rejection of spirituality
Cavusoglu and Pompeo discuss resolution on Armenian GenocideCavusoglu and Pompeo discuss resolution on Armenian Genocide
Serzh Sargsyan: if by arresting me our people become happy, let them  arrest meSerzh Sargsyan: if by arresting me our people become happy, let them  arrest me
US adopted resolution recognizing Armenian GenocideUS adopted resolution recognizing Armenian Genocide
Working visit  of Artsakh Foreign Minister to Washington has startedWorking visit  of Artsakh Foreign Minister to Washington has started
Armen Sarkissian expressed condolences to Vladimir Putin over the  tragedy in the Krasnoyarsk TerritoryArmen Sarkissian expressed condolences to Vladimir Putin over the  tragedy in the Krasnoyarsk Territory
Andranik Kocharyan states Armenian Second President`s Defense  deliberately delays lawsuitAndranik Kocharyan states Armenian Second President`s Defense  deliberately delays lawsuit
Yerevan: Azerbaijan wants to get Artsakh without its indigenous  populationYerevan: Azerbaijan wants to get Artsakh without its indigenous  population
Expert: I don`t understand why the second President of Armenia Robert  Kocharian is charged only in the case of March 1, 2008Expert: I don`t understand why the second President of Armenia Robert  Kocharian is charged only in the case of March 1, 2008
Israeli political scientist: Turkey`s obvious aggressiveness gives  Armenia a stabilizing importanceIsraeli political scientist: Turkey`s obvious aggressiveness gives  Armenia a stabilizing importance
Politician and statesman Masis Mayilyan’s election as Artsakh president is required for Armenia`s breakthroughPolitician and statesman Masis Mayilyan’s election as Artsakh president is required for Armenia`s breakthrough
Robert Kocharian: I am ready to continue the fight even from the  prison cellRobert Kocharian: I am ready to continue the fight even from the  prison cell