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Official News

Thursday, 25 December 2014

Commodity Prices, Currency Exchange Rates Stabilized

Chaired by Prime Minister Hovik Abrahamyan, the Cabinet held its yearend meeting in the Office of Government.

Opening the sitting, the Prime Minister gave the floor to Deputy Prime Minister Vache Gabrielyan who chairs the task force established under a presidential directive to look into the situation in the financial market. The speaker reported that the situation is under control both in terms of commodity prices and exchange rates.

As of January 1, 2015, the size of base pensions due to employees, servicemen, as well as the size of pensions available under the law “On social guarantees for public officials” will be calculated separately. Namely, the amount of base retirement pension is set at AMD16 thousand, with annual increments of 800 drams accrued for each one of the first ten years of employment and 500 drams added for each service year following the first ten years.

In the period from January 1 through July 1, 2015, the size of base pensions due to servicemen will be AMD14 thousand to reach the level of AMD16 thousand after July 1, 2015. As a result the average retirement pension will be about AMD41 thousand in 2015 against 36 thousand drams paid out in 2014. The amount of benefits, too, will be raised in 2015.

The Government established that the Ministry of Finance and the Ministry of Economy shall be Armenia’s authorized agencies to provide information to the Eurasian Economic Commission (EEC) - Eurasian Economic Union’s investigative authority – entrusted with probes into such protective, antidumping and countervailing measures as may be needed against third countries.

Note that the EEC applies such measures with respect to certain products imported from third countries. The need for the authority so invested stems from the requirements stipulated in the EEU-adopted legal instruments.

The Government accepted the proposal to sign a protocol addendum to the December 2, 2013 agreement between the Government of the Republic of Armenia and the Government of the Russian Federation on cooperation in the field of natural gas, petroleum products and rough diamond shipments.

Under Article 5 of the Agreement, the Russian side shall not charge customs duties for natural gas; crude oil and rough diamond supplies exported to Armenia in mutually agreed quantities. The Minister of Energy and Natural Resources was authorized to sign a protocol on the customs duty waiver agreement extension until December 31, 2015.

Given cellist Narek Hakhnazaryan’s international achievements and outstanding cultural activities, the Executive exempted him from mandatory military service. The Government granted deferment of army service to six Armenian students who study at prestigious international educational institutions.

April 2020