Yerevan’s 2023 Budget Breaks Records: Expenses Reach 111 Trillion Armenian Drams, Exceeding Revenue
Yerevan’s 2023 expenses reached 111.165tn drams, with 90% spent. Education, healthcare, and social security make up 35%, transport 27.9%, and rural environment protection 12.2%. Yerevan’s 2023 revenue exceeded projections, with personal incomes rising by 14.69tn compared to 2022. Urban planning has also exceeded expectations. READ MORE on NEWS.am.
Converse Bank Successfully Completes Distribution of Euroterm II Corporate Bonds, Reinforces Confidence in Armenia’s Financial Market
Converse Bank completes distribution of Euroterm II corporate bonds, placing 500 million Armenian Drams worth of bonds with a 36-month maturity and 12.5% annual yield. Successful distribution reflects demand for financial instruments and confidence in Converse Bank. Mobile app simplifies process, attracting 70% of investors. Bank aims to attract bond market investors and become market creator for trading. Regulated by Central Bank of Armenia.
“US Dollar Exchange Rate Drops, Euro and Ruble Climb in Armenia”
The US dollar exchange rate is 403.24 AMD, decreasing by 0.19 AMD compared to yesterday. Euro is 434.85 AMD (increasing by 0.15 AMD), pound is 507.28 AMD (decreasing by 0.68 AMD), and ruble is 4.41 AMD (increasing by 0.06 AMD). Get the latest exchange rates here.
Fast Bank Offers High Yield Bonds with Guaranteed Deposit Protection by 2024 Fast Bank, one of Armenia’s leading financial institutions, is set to distribute 100,000 Armenian drams in nominal coupon bonds with an attractive annual yield of 11.25%. With a total volume of 1,000,000,000 Armenian drams, this series of bonds presents a lucrative investment opportunity. Investors can conveniently purchase the nominal coupon bonds from 32 branches of Fast Bank or through other service-providing companies like “Dynamics” CJSC. Interested individuals must submit their applications and transfer the required amount to the provided account number by February 27, 2024, at 15:30. To acquire these bonds, individuals need to present their ID cards, tax identification numbers for legal entities, and bank account details. The bank assures customers that the transfer of “Physical persons’ Bank deposits” will be guaranteed by the Bank and Guaranteed Deposit Protection Fund, in compliance with the RA Law “On Deposit Insurance.” Notably, the interest earned from these bonds is exempt from mandatory taxation for physical persons, making it an even more attractive investment option. The program for Fast Bank’s nominal coupon bonds has been officially registered by the RA CBA President and can be accessed, along with its final terms and conditions, for download on the bank’s website. With this enticing offer, Fast Bank aims to provide investors with a secure and high-yield option to grow their wealth. Don’t miss out on this opportunity, grab your bonds now!
The bank is offering 100,000 Armenian drams nominal coupon bonds with a yield of 11.25% p.a. The bonds have a maturity period of 30 months and quarterly coupon payments. You can purchase them from Fast Bank branches or other service-providing companies. Bondholders are guaranteed by the Bank and Deposit Protection Fund. Interest is tax-free for individuals. Learn more on the bank’s website.