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WORLD MORTGAGE CRISIS GOES PAST ARMENIA'S ECONOMY
ARKA News Agency
Jan 30 2008
Armenia
YEREVAN, January 30. /ARKA/. The turmoil in the global mortgage market
and the stock market crisis have not affected Armenia's banking system
and economy, said Edward Aghajanov, former head of the RA National
Statistical Service (NSS).
The economist believes Armenia is not involved in the development of
the global mortgage and stock markets.
"No equity market works in Armenia, and it is senseless to say those
world processes may somehow affect our county," Aghajanov said.
He pointed out that in 2007 only the Armeconombank and the ACBA-Credit
Agricole Bank were granted syndicated credits at $15mln and $12mln
respectively.
The economist believes this money is not enough to think of possible
influence of the global financial crisis on Armenia's banking system
and economy.
The turmoil in the global mortgage market has affected the USA,
as well as European and Asian countries directly involved in the US
equity market.
Capitalization in the Armenian Stock Exchange (ARMEX) totaled AMD
3.2bln (0.1% of GDP) in 2007.
The Swedish OMX Financial Services Company became the absolute
shareholder of ARMEX and the Central Depositary of Armenia on January
7, 2008. The company plans to develop the county's stock market soon.
ARKA News Agency
Jan 30 2008
Armenia
YEREVAN, January 30. /ARKA/. The turmoil in the global mortgage market
and the stock market crisis have not affected Armenia's banking system
and economy, said Edward Aghajanov, former head of the RA National
Statistical Service (NSS).
The economist believes Armenia is not involved in the development of
the global mortgage and stock markets.
"No equity market works in Armenia, and it is senseless to say those
world processes may somehow affect our county," Aghajanov said.
He pointed out that in 2007 only the Armeconombank and the ACBA-Credit
Agricole Bank were granted syndicated credits at $15mln and $12mln
respectively.
The economist believes this money is not enough to think of possible
influence of the global financial crisis on Armenia's banking system
and economy.
The turmoil in the global mortgage market has affected the USA,
as well as European and Asian countries directly involved in the US
equity market.
Capitalization in the Armenian Stock Exchange (ARMEX) totaled AMD
3.2bln (0.1% of GDP) in 2007.
The Swedish OMX Financial Services Company became the absolute
shareholder of ARMEX and the Central Depositary of Armenia on January
7, 2008. The company plans to develop the county's stock market soon.