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     

Indian pharmaceutical industry exhibition-conference to be held in  YerevanIndian pharmaceutical industry exhibition-conference to be held in  Yerevan
The Cafesjian Center for the Arts and Beeline Present “Teen Artists Platform” Project The Cafesjian Center for the Arts and Beeline Present “Teen Artists Platform” Project 
Ministry of Justice: The solution to the Constitutional Court crisis  lies in the early retirement of its judges Ministry of Justice: The solution to the Constitutional Court crisis  lies in the early retirement of its judges 
Media: Prime Minister secretly ordered to double salaries of Armenian  ministers Media: Prime Minister secretly ordered to double salaries of Armenian  ministers 
Ambassador: Karabakh conflict settlement is important for TurkeyAmbassador: Karabakh conflict settlement is important for Turkey
" IL-76 " with Armenian peacekeepers left for Dushanbe to participate  in the CSTO exercises "Indestructible Brotherhood-2019"
Robert Kocharyan`s son: Detention of activists is lawlessness and the  application of double standardsRobert Kocharyan`s son: Detention of activists is lawlessness and the  application of double standards
Prosecutor General of Armenia bestowed with class rank of Second  Class State Counsellor of Justice Prosecutor General of Armenia bestowed with class rank of Second  Class State Counsellor of Justice 
EU and Armenia discussed educational cooperationEU and Armenia discussed educational cooperation
It is Serzh Sargsyan who will answer the main and last question about  the April warIt is Serzh Sargsyan who will answer the main and last question about  the April war
On October 25-26 in separate regions of Armenia rain with  thunderstorm is predictedOn October 25-26 in separate regions of Armenia rain with  thunderstorm is predicted
Deputy Prime Minister: Reasons for resignation of Head of Cadastre  Committee are unacceptable and incomprehensibleDeputy Prime Minister: Reasons for resignation of Head of Cadastre  Committee are unacceptable and incomprehensible
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 Kocharian: Nikol Pashinyan`s idea regarding the Karabakh  conflict settlement is not alien to NATO Secretary GeneralAndranik Kocharian: Nikol Pashinyan`s idea regarding the Karabakh  conflict settlement is not alien to NATO Secretary General
NATO Parliamentary Assembly President May Visit Armenia in 2020NATO Parliamentary Assembly President May Visit Armenia in 2020
Forecast: Changes in global politics may affect security of Armenia  and ArtsakhForecast: Changes in global politics may affect security of Armenia  and Artsakh
Forecast: Aliyev`s temptation to start a war will encounter tough  geopolitical realitiesForecast: Aliyev`s temptation to start a war will encounter tough  geopolitical realities
Armenian MP calls on foreign partners to draw conclusions from  anti-Russian statements of AzerbaijanArmenian MP calls on foreign partners to draw conclusions from  anti-Russian statements of Azerbaijan
Tigran Avinyan: The government is determined to reform the sector of  criminal punishmentTigran Avinyan: The government is determined to reform the sector of  criminal punishment
The place from which wiretapping of NSS Director and SIS Head  conversation was distributed is known The place from which wiretapping of NSS Director and SIS Head  conversation was distributed is known 
IC: The criminal procedure system in Armenia will undergo a  restructuringIC: The criminal procedure system in Armenia will undergo a  restructuring
Minister of Justice: The government is determined to eradicate  corruption and the criminal subculture in the country`s penitentiary  institutionMinister of Justice: The government is determined to eradicate  corruption and the criminal subculture in the country`s penitentiary  institution
Hrayr Tovmanyan does not have a procedural status: Deputy Prime  Minister commented on the resonant criminal caseHrayr Tovmanyan does not have a procedural status: Deputy Prime  Minister commented on the resonant criminal case
IC: The official investigation against the investigator did not  reveal any personal interest in the Amulsar gold mine development  projectIC: The official investigation against the investigator did not  reveal any personal interest in the Amulsar gold mine development  project
Gevorg Kostanyan promised to come to the Special Investigation  ServiceGevorg Kostanyan promised to come to the Special Investigation  Service
Robert Kocharyan transferred to Yerevan-Kentron penitentiaryRobert Kocharyan transferred to Yerevan-Kentron penitentiary
Riots in Barcelona create problems for tourists from Georgia and  ArmeniaRiots in Barcelona create problems for tourists from Georgia and  Armenia
The program to restore the reserves of Ishkhan (Armenian Salmon) in  Lake Sevan The program to restore the reserves of Ishkhan (Armenian Salmon) in  Lake Sevan "ate" 2 billion drams: a criminal case raised
In the north of Armenia, a car crashed into a gorge, three people  died, another was injuredIn the north of Armenia, a car crashed into a gorge, three people  died, another was injured
To turn the educational process into a national way of life -  Strategic vision of the Armenian governmentTo turn the educational process into a national way of life -  Strategic vision of the Armenian government
Matteo Salvini: The Turkish regime has not changed its approach,  continuing to destroy ethnic minorities in its territoryMatteo Salvini: The Turkish regime has not changed its approach,  continuing to destroy ethnic minorities in its territory
Armenian Foreign Ministry and Embassy in France strongly condemn  attack on Nouvelles dArmenieArmenian Foreign Ministry and Embassy in France strongly condemn  attack on Nouvelles dArmenie
NSS tried to contact the chairman of the Constitutional Court of  Armenia, but the latter did not answer callsNSS tried to contact the chairman of the Constitutional Court of  Armenia, but the latter did not answer calls
Independence Day of Turkmenistan celebrated in Yerevan Independence Day of Turkmenistan celebrated in Yerevan 
Armen Karapetyan relieved of the post of Secretary General of the  Ministry of Economy of ArmeniaArmen Karapetyan relieved of the post of Secretary General of the  Ministry of Economy of Armenia
RA President: Yerevan awaits us all with a wide smile and accepts us  all generously RA President: Yerevan awaits us all with a wide smile and accepts us  all generously 
Armenia`s NSS presented substantiation of its actions in relation to  family members of the chairman of the Constitutional Court Armenia`s NSS presented substantiation of its actions in relation to  family members of the chairman of the Constitutional Court 
Azerbaijani hackers hacked the website of Armenian Prime Minister and  posted a video with Ilham Aliyev`s speech .  Azerbaijani hackers hacked the website of Armenian Prime Minister and  posted a video with Ilham Aliyev`s speech .  
Lukashenko: We have not overcome the barriers that we had to overcome  by creating the EAEULukashenko: We have not overcome the barriers that we had to overcome  by creating the EAEU
Taking into consideration the fact that October is a month of information technology events in our country, and the topic is more than up-to-date, IDBank is launching a Cyber Security campaign for its customers.Taking into consideration the fact that October is a month of information technology events in our country, and the topic is more than up-to-date, IDBank is launching a Cyber Security campaign for its customers.
Damage in the amount of 5.7 billion drams caused to corruption by  water abuseDamage in the amount of 5.7 billion drams caused to corruption by  water abuse
Armenian Minister of MES: The primary task of the government and  parliament should be mechanisms to mitigate the impact of natural  disaster risksArmenian Minister of MES: The primary task of the government and  parliament should be mechanisms to mitigate the impact of natural  disaster risks
Mayor of Dilijan may have escaped after checks on abuses in the  MunicipalityMayor of Dilijan may have escaped after checks on abuses in the  Municipality
A policeman injured on the night of October 16 in Yerevan while  detaining criminals was discharged from the hospitalA policeman injured on the night of October 16 in Yerevan while  detaining criminals was discharged from the hospital
Ted Liu Live On CNN calls  US To Recognize Armenian GenocideTed Liu Live On CNN calls  US To Recognize Armenian Genocide
A protest rally is taking place in front of Armenian NSS against the  actions of this structure in relation to CC`s President Hrayr  Tovmasyan and his familyA protest rally is taking place in front of Armenian NSS against the  actions of this structure in relation to CC`s President Hrayr  Tovmasyan and his family
Armenian Ambassador presents credentials to Slovenian PresidentArmenian Ambassador presents credentials to Slovenian President
 VTB Bank (Armenia) will start issuing `MIR` cards by December 2020 VTB Bank (Armenia) will start issuing `MIR` cards by December 2020
Armenian Police is investigating Armenian Police is investigating "obtaining a confession " process  against former head of NSS from a flower seller
Expert: In the near future, a bill on electoral reform will be  presented to the publicExpert: In the near future, a bill on electoral reform will be  presented to the public
Decision approving the List of Arbitrators provided for in the  EU-Armenia Comprehensive and Enhanced Partnership Agreement was signed in BrusselsDecision approving the List of Arbitrators provided for in the  EU-Armenia Comprehensive and Enhanced Partnership Agreement was signed in Brussels
UNESCO headquarters to host events dedicated to the 150th anniversary  of Komitas and TumanyanUNESCO headquarters to host events dedicated to the 150th anniversary  of Komitas and Tumanyan
Armenian head coach dismissedArmenian head coach dismissed
Turkologist: The fact that Aliyev for the first time presented  territorial claims to Armenia based on pan- Turkism is not randomTurkologist: The fact that Aliyev for the first time presented  territorial claims to Armenia based on pan- Turkism is not random
The humanitarian mission of Armenia in Syria transferred medical  supplies to Aleppo military hospitalThe humanitarian mission of Armenia in Syria transferred medical  supplies to Aleppo military hospital
Armenian parliament holds hearings on draft amendments to  constitutional law Armenian parliament holds hearings on draft amendments to  constitutional law "On Parties"
Rescuers put out fires on grassy areas covering about 400 hectares of  the republicRescuers put out fires on grassy areas covering about 400 hectares of  the republic
Forecast: Transformation of the situation around Syria into a direct  threat to Armenia is not excludedForecast: Transformation of the situation around Syria into a direct  threat to Armenia is not excluded
New Year`s surprise: Famous Serbian musician Goran Bregovic gives a  concert on Republic Square New Year`s surprise: Famous Serbian musician Goran Bregovic gives a  concert on Republic Square 
Due to construction work, the Goris-Kapan section (8-14 km) is closed  for trucksDue to construction work, the Goris-Kapan section (8-14 km) is closed  for trucks



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
France: Fake news and laws, searches and gilets jaunesFrance: Fake news and laws, searches and gilets jaunes
The elimination of Karabakh conflict and of Russian impact as well  is a direct way for US investments in Armenia and AzerbaijanThe elimination of Karabakh conflict and of Russian impact as well  is a direct way for US investments in Armenia and Azerbaijan
Manvel Sargsyan: Oligarchic order was broken in Armenia, but the  threat of a return to authoritarianism remains.(video)Manvel Sargsyan: Oligarchic order was broken in Armenia, but the  threat of a return to authoritarianism remains.(video)
Expert: Only four political forces have chances to be elected to the Armenian parliamentExpert: Only four political forces have chances to be elected to the Armenian parliament
Victor Nadein-Raevsky: The people of Azerbaijan are not ready to  realize the mistakes of the past (video)Victor Nadein-Raevsky: The people of Azerbaijan are not ready to  realize the mistakes of the past (video)
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
Masis Mayilyan praised the efforts of members of the Committee on  Armenian Issues of the US Congress in support of a peaceful  settlement of the Karabakh conflictMasis Mayilyan praised the efforts of members of the Committee on  Armenian Issues of the US Congress in support of a peaceful  settlement of the Karabakh conflict
Analyst: In the pursuit of sensationalism, national security must be  kept in mindAnalyst: In the pursuit of sensationalism, national security must be  kept in mind
Pashinyan invited all Armenians of the world to celebrate New Year  and Christmas in ArmeniaPashinyan invited all Armenians of the world to celebrate New Year  and Christmas in Armenia
Chinese Embassy in Armenia launches Chinese Embassy in Armenia launches "Discover China" contest - winner  will have the opportunity to see China 
George Tsereteli called on the parties to the Karabakh conflict to  resolve disagreements and find a common languageGeorge Tsereteli called on the parties to the Karabakh conflict to  resolve disagreements and find a common language
Stepanakert called the statement of Georgian Foreign Ministry on the  local elections in Artsakh stereotyped Stepanakert called the statement of Georgian Foreign Ministry on the  local elections in Artsakh stereotyped 
YPC President: Decision of the Constitutional Court on the YPC President: Decision of the Constitutional Court on the "Kocharian  case" may be followed by agreements with external forces.
Russian President congratulates jailed second Armenian president on  jubileeRussian President congratulates jailed second Armenian president on  jubilee
Armenian public is concerned about uranium reserves in Amulsar fieldArmenian public is concerned about uranium reserves in Amulsar field
Over 10 years, 495 children were adopted by foreign citizens from 6  orphanages in Armenia, and only 116 by local citizensOver 10 years, 495 children were adopted by foreign citizens from 6  orphanages in Armenia, and only 116 by local citizens
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
First skyscraper to be built in Yerevan
Supporters of the second president of Armenia demand from the  Ombudsman to declare Kocharyan a political prisoner and protect his  rightsSupporters of the second president of Armenia demand from the  Ombudsman to declare Kocharyan a political prisoner and protect his  rights
View from Baku: Pashinyan actually invited Azerbaijan to recognize  the accession of Karabakh with a View from Baku: Pashinyan actually invited Azerbaijan to recognize  the accession of Karabakh with a "corridor" to Armenia in exchange  for other territories
Yerevan responds to Baku`s statementYerevan responds to Baku`s statement
Official Baku categorically rejects Pashinyan`s statement that  Karabakh is part of ArmeniaOfficial Baku categorically rejects Pashinyan`s statement that  Karabakh is part of Armenia
Hovhannes Igityan: Robert Kocharyan has never been a political  leader. Even being the president of Artsakh and ArmeniaHovhannes Igityan: Robert Kocharyan has never been a political  leader. Even being the president of Artsakh and Armenia
French Embassy provides support in 3D modeling of Armenia`s  historical and religious sites French Embassy provides support in 3D modeling of Armenia`s  historical and religious sites 
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
Nikol Pashinyan told why there is no progress in the Karabakh  settlementNikol Pashinyan told why there is no progress in the Karabakh  settlement
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
Ardshinbank Increases the Number of Branches Operating on SaturdaysArdshinbank Increases the Number of Branches Operating on Saturdays
29 PACE MPs appealed to RA authorities to ensure rights and freedoms  of LGBT community29 PACE MPs appealed to RA authorities to ensure rights and freedoms  of LGBT community