ArmInfo. Armenia's gross international reserves (GIR) decreased by 14.2% per annum or $555 million to $3.354 billion by July 2024, while a year ago an increase of 13.3% or $458.6 million was recorded. Thus, GIR continues to move away from the historical maximum of $4.2 billion recorded in August 2023.

ArmInfo. Since August 9 of this year, Armenian Airlines has started operating flights on the Yerevan-Kazan-Yerevan route.

ArmInfo. Russia retains its leading position in Armenia's foreign trade, now supported by imports, whereas a year ago the main driver was exports.

ArmInfo. Ambassador of Armenia to Georgia Ashot Smbatyan met with Deputy Minister of Economy and Sustainable Development of Georgia Mariam Kvrivishvili.

ArmInfo. To  mitigate the  effects of the severe flood, municipal, regional and republican  commissions have implemented various measures, including conducting  an inventory and assessment of the damage to individuals and legal  entities. 

ArmInfo.

ArmInfo. In 2024, the number  of non-cash transactions in Armenia increased by 86.7%, as reported  by the State Revenue Committee of the Republic of Armenia.  According  to the source, based on taxpayers settlement documents (including  cash register receipts), there were a total of 404.6 million  transactions in January-July 2024, amounting to 7 trillion 329.4  billion drams. This represents an increase of 42 million transactions  or 11.6% compared to the same period last year in terms of quantity  and an increase of 953.2 billion drams or 14.9% in value. Out of  these transactions, only 377.4 million were conducted in January-July  2024, totaling 1 trillion 571.4 billion drams through transactions  with cash register receipts. This marks a quantitative increase of  34.6 million transactions  or 10.1% compared to last year and a value  increase of 112.7 billion drams or 7.7%. At the same time, the  Committee reports that 78.9 million non-cash transactions worth 485.1  billion drams were carried out in January-July 2024, exceeding the  same period last year. In quantitative terms, 36.6 million cash  transactions were recorded, representing an 86.7% increase from last  year. In value terms this amounted to154.2 billion drams, a 46.6%  increase from the same period of 2023.

ArmInfo.

ArmInfo.

ArmInfo. Armenia can play an  important role for the BRICS countries in terms of accessing European  markets. This was stated by Sameep Shastri, Vice Chairman of the  BRICS Chamber of Commerce and Industry, in an interview with  journalists at the international forum "New Horizons of Cooperation  between Armenia and the EAEU with BRICS and SCO" on August 8 in  Yerevan.  He recalled that when the BRICS concept was first  introduced, many people were skeptical about it because the countries  are located in completely different parts of the world.  "But as we  have seen, this concept has proven itself. In relation to Armenia,  logistics routes can be very important because they could play a  significant role in moving towards Europe," Shastri noted.  When  asked to describe the practical steps being taken, the BRICS  representative acknowledged that things are not easy at the moment,  but assured that progress is not standing still.  "A couple of years  ago, we could not imagine the existence of electronic cars or  electronic banking, both of which are now actively being implemented.  Therefore, I believe that the most important step in logistics is  improving and developing infrastructure. Currently there are planes  that use more cost-effective energy sources. Consequently, it is  necessary to enhance the technological aspects of transportation  routes, create new roads and establish new routes for supplies,  deliveries and technological transfer," Shastri added.  At the same  time, he emphasized that for the BRICS countries, Armenia is  primarily interesting for its rich resources, especially in  agriculture. "In order for a shift of power to occur in the  international arena, we need countries that can develop their  economies and become strong players," he concluded.  Tatyana  Seliverstova, a member of the board of the ANO "Leaders of  International Cooperation", advisor to the director of the Chinese  Center for Technology Transfer of the SCO Member States and a  director of the BRICS business incubator, discussed the opening of  the Armenia-BRICS Business Cooperation Center in Yerevan today. She  emphasized that the main goal of the Center  is to promote Armenian  businesses in international arena with BRICS countries.  "Additionally, the center aims to attract investments and trade  partners from the BRICS countries to Armenia. It will be a  coordination hub for economic cooperation between Armenia and the  BRICS countries. We will find specialized partners at the request of  Armenian businesses, we will secure additional investments for  projects that have the potential to attract foreign investments  and  will facilitate business exchanges  between communities and  entrepreneurs," she concluded.

ArmInfo.

ArmInfo. The Armenia-BRICS  Business Cooperation Center has officially started its activities in  Yerevan. The launch of the Center was announced on August 8, during  the international forum "New Horizons of Cooperation between Armenia  and the EAEU with BRICS and the SCO".  

ArmInfo. The time has come for BRICS and SCO to jointly transform from a unipolar to a multipolar world. This was stated by Deputy Chairman of the BRICS Chamber of Commerce and Industry Sameep Shastri during his welcoming speech at the opening of the international forum "New Horizons of Cooperation between Armenia and the EAEU with BRICS and SCO" on August 8 in Yerevan.

ArmInfo. In order to provide access to finance for small and medium-sized businesses in Armenia, they want to use the factoring tool. The decision on this was made at the meeting of the RA government on August 8.

ArmInfo. The International Bank for Reconstruction and Development, a member of the World Bank Group, will provide Armenia with a loan of 92.3 million euros, with another $16 million in grant money provided by the Global Concessional Financing Facility (GCFF).  The draft law "On ratification of the agreement between the Government of the Republic of Armenia and the IBRD" was approved at a Cabinet meeting on August 8.

ArmInfo.

ArmInfo. The Eurasian Development Bank (EDB) will provide Armenia with a grant of 100 million drams for the restoration of flood-affected settlements in the Lori and Tavush regions of the republic.

ArmInfo. The term of the free economic zone (FEZ) "Alliance" will be extended for 1 year. The decision on this was made at the meeting of the RA government on August 8.

ArmInfo.

ArmInfo. The Armenian government will allocate 1.428 billion drams for the implementation of subvention programs. The decision to allocate financial resources was made at a cabinet meeting on August 8.