News articles

Dram is Stabilized

YEREVAN (Respublica Armenia)–The monetary "storm," which began in June and increased the rate of the US dollar to 520-530 drams–has finally stabilized. On Monday–the dollar rate decreased to about 505 drams. Armenia’s Central Bank has carried out a policy of reducing the surplus of money–which increased because of a major loan provided to the Armenian

World Bank Allocated $15 Million

YEREVAN (Azg)–The World Bank approved a $15 million loan for reconstruction of the roads in Armenia–World Bank representative in Armenia–Vahram Nersissiants reported during a press conference on Friday. In 1996 Armenia received a $16 million loan from the World Bank for the reconstruction of 1,440 km. of roads–tunnels and bridges. The total cost of this

Armenian Ukranian Negotiations Conducted

YEREVAN (SNARK)–Negotiations between a Ukrainian expert group and an Armenian governmental delegation headed by the Industry and Trade Minister Garnik Nanagoulian were conducted between June 23 and 26 in Kiev. The two sides expressed their position towards bilateral relations between the two countries and discussed a number of mutually beneficial issues. The Press Office of

ArmenTel Owner Obligations Outlined

YEREVAN (SNARK)–The upcoming international auction of the communication company ArmenTel Armenian-American Joint Venture has drawn great attention. The Armenian government intends to sell the enterprise through an international competition in order to finance the budget. The government’s willingness to sell its 51 percent of ArmenTel shares is due to Trans World Telecom’s intention to make

Shadow Economy 53 Percent in Armenia

YEREVAN (Noyan Tapan)–The shadow economy in Armenia is estimated to be between the levels of 40 to 53 percent–preliminary data studies show. Minister Chief of the Department of Statistics–State Register and Analysis of Armenia–Edward Aghajanov stressed that the data is not yet final. The shadow economy mainly involves the food industry–light industries–trade–transport–building materials production and

Yilmaz Squeezes Islamists Out of Government

ANKARA (Reuter)–Conservative Mesut Yilmaz took over as Turkey’s prime minister Monday at the head of an uneasy secularist alliance that hopes to keep the Islamists out of power after months of political chaos. He said his left-right coalition would put an end to intense argumen’s about the role of Islam in public life and possible

Turkish Anti Islamists Closer to Government Control

ANKARA (Reuter)– Turkish secularist hope Mesut Yilmaz was within touching distance of a parliamentary majority to deny Islamists power after four members of paliament abandoned parties in a pro-Islamic partnership on Friday. Resignations reduced the Islamists and their allies to 275 members on paper–compared with 272 deputies who are likely to back Yilmaz at a

Firm to Assist With Real Estate Deals

YEREVAN (Noyan Tapan)–Following the recent agreement reached by the Association on Real Estate in Armenia and the American IRUM Inc.–real estate firm–an AREA office is to open in the United States to assist Americans–particularly those of Armenian origin–in purchasing real estate in Armenia. The AREA chairman–Gagik Poghosian–told Noyan Tapan that the office was going to

Ter Petrosyan Calls Denver Statement Balanced

YEREVAN (Azg)–In a meeting with Levon Ter-Petrosyan–representatives of the Organization for Security and Cooperation in Europe’s Minsk group’s co-chairing countries–Russian Ambassador Andrey Ournov–French Ambassador Michelle Legra–and United States Charge d’Affairs Lui Lickt presented the statement made in Denver by the leaders of the three countries in regards to the Karabakh conflict. According to governmental press

ARF Central Committee of Western US Issues Announcement

During his expected visit to the United States–Azeri president Gaidar Aliyev is not only scheduled to hold meetings with high level US officials–but also participate in forums and meetings with oil lobby firms interested in exploiting Caspian oil. Aliyev’s visit will also undoubtedly play a significant role in strengthening Azeri-US relations–politically–economically and militarily. Although such