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ARMECONOMBANK, ARMENIAN DEVELOPMENT BANK AND "HSBC ARMENIA" BANK DECLARED GOVERNMENT'S BEST AGENTS ON STATE INTERNAL DEBT MANAGEMENT IN 2001, "INECO" AND AGRICULTURAL COOPERATIVE BANK OF ARMENIA BEST DEALERS IN STB MARKET

JANUARY 19. The Armeconombank, Armenian Development Bank and "HSBC Armenia" bank are recognized the Government's best agents on the state internal debt management in 2001, and the Agricultural Cooperative Bank of Armenia (ACBA) and the "INECO" bank were announced the best dealers in the STB market. The Council of the Armenian Central Bank made this estimations at its yesterday's session with the participation of the State Internal and Foreign Debt Management Department of the Treasury of the Armenian Ministry of Finance and Economy. The bank's participation in primary auctions, turnover in the STB secondary market, the level of efficiency of transactions and the service of clients were taken into account during the contest, Head of the State Internal and Foreign Debt Managament Department of the Treasury of the Armenian Ministry of Finance and Economy Arshalouis Margaryan told ARMINFO. During the session, managers of the commercial banks were informed of this estimations. A program of monthly, quarterely and annual placement of state treasury bonds for 2002 was presented to them. According to information received by ARMINFO, this year the ministry intends to issue less STBs than in 2001, at the same time prolonging bond turnover, to secure 12-15% a.p..

ARMINFO REFERENCE: The Central Bank and the Ministry of Finance and Economy of Armenia concluded a contract with primary dealers (present Government agents) and dealers of securities market Sept 24, 1999. Over the last two years the agents were changed once (during the first ten days of Jan, 2002). As regards the dealers, they changed three times (at the end of Jan, 2000, in April of 2001 and in Jan of 2002). According to the recent data, the number of the Governemnt agents is 6: "HSBC Armenia," Armimpexbank, Armagrobank, Armenian Development Bank, Armeconombank and "Converse Bank." The list of dealers includes 13 banks, among which are Ardshinbank, Areximbank, Arminvestbank, "INECO," "Adana," Agricultural Cooperative Bank of Armenia, Armsavingsbank, Artsakhbank, "Anelik" banks, "Mellat," "Prometey," "ITB" and "Credit-Yerevan," which received dealer's rights. The "Credit-Service" and "Trust" banks were withdrawn from the list of dealers, as they found themselves under trusteeship, because of their not being able to bring their total capital to the CB-set norm.

20 January