gamavor Posted January 31, 2008 Report Share Posted January 31, 2008 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. http://groong.usc.edu/news/msg218697.html PS: Who said isolation is bad??? Quote Link to comment Share on other sites More sharing options...
Anileve Posted January 31, 2008 Report Share Posted January 31, 2008 WORLD MORTGAGE CRISIS GOES PAST ARMENIA'S ECONOMY Are you surprised? Mostly everything usually goes past Armenia's economy. Quote Link to comment Share on other sites More sharing options...
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