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     

Iskandaryan: Settlement of the Nagorno-Karabakh conflict has no  prospect because of various compromisesIskandaryan: Settlement of the Nagorno-Karabakh conflict has no  prospect because of various compromises
Armenian Football Federation publishes names of FFA presidential  candidatesArmenian Football Federation publishes names of FFA presidential  candidates
"North-South" highway: 18 people accused and damage amounts to 23.7  billion AMD 
Makunts considers unacceptable an attempt to qualify Serzh Sargsyan`s  case as political persecutionMakunts considers unacceptable an attempt to qualify Serzh Sargsyan`s  case as political persecution
Iskandaryan: On the eve of the elections, Azerbaijan makes very harsh  statements, from time to time provoking escalation, however it  doesn`t quit negotiationsIskandaryan: On the eve of the elections, Azerbaijan makes very harsh  statements, from time to time provoking escalation, however it  doesn`t quit negotiations
IDBank helps provide school supplies and clothing to 100 children in Vardenis and Tchambarak areasIDBank helps provide school supplies and clothing to 100 children in Vardenis and Tchambarak areas
Mammadyarov: Armenia refuses to exchange prisoners on the principle  of Mammadyarov: Armenia refuses to exchange prisoners on the principle  of "all for all"
AAA makes statement on Senate resolution rejected by Senate on  recognition of Armenian GenocideAAA makes statement on Senate resolution rejected by Senate on  recognition of Armenian Genocide
Yerevan Municipality celebrates New Year on a grand scaleYerevan Municipality celebrates New Year on a grand scale
Owner of Owner of "Flash" Barsegh Beglaryan considers new charges against him  false
Serzh Sargsyan`s defense side filed a complaint to Prosecutor  General`s OfficeSerzh Sargsyan`s defense side filed a complaint to Prosecutor  General`s Office
Armenia expressed support for Albanian chairmanship in OSCEArmenia expressed support for Albanian chairmanship in OSCE
SIS rejected request to cancel search for former head of  investigation team in March 1 case SIS rejected request to cancel search for former head of  investigation team in March 1 case 
The status of Nagorno-Karabakh, recognized by Azerbaijan, will be the  final, rather than the starting point of negotiationsThe status of Nagorno-Karabakh, recognized by Azerbaijan, will be the  final, rather than the starting point of negotiations
Yerevan Municipality does not disclose amount of Goran Bregovic`s fee Yerevan Municipality does not disclose amount of Goran Bregovic`s fee 
Academician: There are states in the Caucasus-Caspian region that  falsify history to lay the foundation for their own domestic and  foreign policyAcademician: There are states in the Caucasus-Caspian region that  falsify history to lay the foundation for their own domestic and  foreign policy
Russian historian: For the first time, Armenians raised the issue of  persecution of Avar and Lezghian languages in AzerbaijanRussian historian: For the first time, Armenians raised the issue of  persecution of Avar and Lezghian languages in Azerbaijan
Ministry of Justice denies information on adoption of child from  Armenia by famous referee Pierluigi CollinaMinistry of Justice denies information on adoption of child from  Armenia by famous referee Pierluigi Collina
Czech experts: Tailing dumps in Akhtala and Mets Ayrum can be  dangerous for local residentsCzech experts: Tailing dumps in Akhtala and Mets Ayrum can be  dangerous for local residents
Dangerous situation in Lori: Czech experts found high concentrations  of arsenic in soilDangerous situation in Lori: Czech experts found high concentrations  of arsenic in soil
Deputy Minister: The condition of a soldier injured in unclear  circumstances is extremely seriousDeputy Minister: The condition of a soldier injured in unclear  circumstances is extremely serious
Deputy Minister of Defense: Armenian army is ready for any  development of the situation in the Karabakh conflict zoneDeputy Minister of Defense: Armenian army is ready for any  development of the situation in the Karabakh conflict zone
Council of Europe in the Republic of Armenia: We support the Armenian  authorities in adopting a new criminal code and conducting judicial  reformsCouncil of Europe in the Republic of Armenia: We support the Armenian  authorities in adopting a new criminal code and conducting judicial  reforms
Ashotyan: Statement by the OSCE Minsk Group following the meeting of  the Foreign Ministers of Armenia and Azerbaijan is the best for the  last 1.5 years.Ashotyan: Statement by the OSCE Minsk Group following the meeting of  the Foreign Ministers of Armenia and Azerbaijan is the best for the  last 1.5 years.
RPA connects the criminal case against Serzh Sargsyan with the  processes taking place in the foreign and domestic policy of ArmeniaRPA connects the criminal case against Serzh Sargsyan with the  processes taking place in the foreign and domestic policy of Armenia
Heads of delegations of OSCE Minsk Group co-chairing countries called  on the parties to the Karabakh conflict to conduct good negotiations  without artificial delays or conditions.Heads of delegations of OSCE Minsk Group co-chairing countries called  on the parties to the Karabakh conflict to conduct good negotiations  without artificial delays or conditions.
Initiative groups will get the right to hold local referenda in  ArmeniaInitiative groups will get the right to hold local referenda in  Armenia
Former residents of Artsvashen village seized by Azerbaijan held a  protest rally in front of the governmentFormer residents of Artsvashen village seized by Azerbaijan held a  protest rally in front of the government
Prosecutor General of Armenia presented a cassation appeal against  two persons involved in case of March 1, 2008Prosecutor General of Armenia presented a cassation appeal against  two persons involved in case of March 1, 2008
Arayik Harutyunyan urged to adhere to presumption of innocence  regarding in detention of his deputyArayik Harutyunyan urged to adhere to presumption of innocence  regarding in detention of his deputy
Mnatsakanyan presents Yerevan`s position on key issues of Karabakh  conflict settlement at OSCEMnatsakanyan presents Yerevan`s position on key issues of Karabakh  conflict settlement at OSCE
Arayik Harutyunyan: There has been no political persecution under the  current authorities and there will not be anyArayik Harutyunyan: There has been no political persecution under the  current authorities and there will not be any
Lavrov at  OSCE: There is no any reaction to the open appeal of the CSTO  Foreign Ministers to NATO colleaguesLavrov at  OSCE: There is no any reaction to the open appeal of the CSTO  Foreign Ministers to NATO colleagues
Eduard Aghajanyan commented on detention of Deputy Minister on  suspicion of corruptionEduard Aghajanyan commented on detention of Deputy Minister on  suspicion of corruption
Three masked criminals robbed Three masked criminals robbed "Flash" gas station in Yerevan
Karabakh conflict is in spotlight of European officials at OSCE  Ministerial CouncilKarabakh conflict is in spotlight of European officials at OSCE  Ministerial Council
Prime Minister: I have been accused in lobbying for the interests of  a company related to Serzh SargsyanPrime Minister: I have been accused in lobbying for the interests of  a company related to Serzh Sargsyan
Head of department of engineering geodesy of Polytechnic University  will head Cadastre CommitteeHead of department of engineering geodesy of Polytechnic University  will head Cadastre Committee
Miroslav Lajcak: I don`t have any magic formula on how to resolve  conflicts once and for allMiroslav Lajcak: I don`t have any magic formula on how to resolve  conflicts once and for all
Gevorg Petrosyan: It is possible that the criminal case against Serzh  Sargsyan was instituted for political reasonsGevorg Petrosyan: It is possible that the criminal case against Serzh  Sargsyan was instituted for political reasons
The Prime Minister of Armenia spoke about the weaknesses of the  inhabitants of the country of a civilizational nature and about the  perverse logic of the The Prime Minister of Armenia spoke about the weaknesses of the  inhabitants of the country of a civilizational nature and about the  perverse logic of the "neighbor-ill-wisher"
The first international exhibition of EAEU member countries is  planned in TehranThe first international exhibition of EAEU member countries is  planned in Tehran
Mnatsakanyan and Mammadyarov agree to continue negotiations on  Karabakh early next yearMnatsakanyan and Mammadyarov agree to continue negotiations on  Karabakh early next year
Armenian Parliament refused to raise the question of resignation of  RA Minister of EnvironmentArmenian Parliament refused to raise the question of resignation of  RA Minister of Environment
The section of the Sotk-Karvachar road is closed for cars, and the  Vardenyats pass is difficult to passThe section of the Sotk-Karvachar road is closed for cars, and the  Vardenyats pass is difficult to pass
Dilijan community leader charged with abuse of powerDilijan community leader charged with abuse of power
The Mnatsakanyan-Mammadyarov meeting lasted more than three hoursThe Mnatsakanyan-Mammadyarov meeting lasted more than three hours
Pashinyan commented on the accusations against Serzh SargsyanPashinyan commented on the accusations against Serzh Sargsyan
Zohrab Mnatsakanyan holds meeting with OSCE Minsk Group Co-Chairs in  BratislavaZohrab Mnatsakanyan holds meeting with OSCE Minsk Group Co-Chairs in  Bratislava
RA Deputy Minister of Education, Science, Culture and Sports and his  driver detained for briberyRA Deputy Minister of Education, Science, Culture and Sports and his  driver detained for bribery
Ara Vardanyan released on bailAra Vardanyan released on bail
Pashinyan: The incident related to Garegin Nzhdeh is a provocation,  while the name of Griboedov symbolizes Armenia`s adherence to  European civilizationPashinyan: The incident related to Garegin Nzhdeh is a provocation,  while the name of Griboedov symbolizes Armenia`s adherence to  European civilization
Pashinyan: The force demanding resignation of the Education Minister  has no future Pashinyan: The force demanding resignation of the Education Minister  has no future 
Pashinyan on Karabakh settlement: In 1.5 years we have solved the  task we have setPashinyan on Karabakh settlement: In 1.5 years we have solved the  task we have set
Meeting of Mammadyarov with OSCE Minsk Group Co-Chairs started in  BratislavaMeeting of Mammadyarov with OSCE Minsk Group Co-Chairs started in  Bratislava
Serzh Sargsyan accused of organizing embezzlement on an especially  large scaleSerzh Sargsyan accused of organizing embezzlement on an especially  large scale
VTB Bank (Armenia) improved mortgage terms: prepayment starting from  3%, interest rate from 3.5%, term up to 30 yearsVTB Bank (Armenia) improved mortgage terms: prepayment starting from  3%, interest rate from 3.5%, term up to 30 years
RA PM: Escape of former officials involved in a number of criminal  cases must be considered in terms of lawfulness and justiceRA PM: Escape of former officials involved in a number of criminal  cases must be considered in terms of lawfulness and justice
Ankara is ready for a Ankara is ready for a "goodwill gesture" in normalizing relations  with Armenia with unchanged preconditions
Nikol Pashinyan: Armenia should protect its national interests at all  sitesNikol Pashinyan: Armenia should protect its national interests at all  sites



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
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
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?
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
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