Converse Bank announces second launch of "Team of the Future" program in 2014

VivaCell-MTS supported MES in the creation of backup server center for the Government of RA

Azerbaijan panic-stricken by Lithuania-Artsakh Parliamentary Friendship Group's visit to Artsakh

Political expert: California Senate-adopted Resolution - AJR 32 demonstrates Armenian lobby's muscle

Doubled data and off-net minute inclusions for Orange Panther customers

Hakob Injighulyan's brother refutes information that Hakob is currently in Romania

VTB Bank (Armenia) takes the lead in brand awareness among Armenia's banks

Beeline Regular and Premium unlimited mobile internet services become available for postpaid subscribers

Despite protests of environmentalists, Mego Gold Company gets permission to launch construction of third Tukhmanuk tailing dump

The 6th Pan-Armenian Barbeque Festival will be held in Akhtala on 6 September

Artak Zakaryan: Turkey's efforts cannot help resolve Karabakh conflict

Davutoglu says Ankara will do everything to end "occupation of Azerbaijani territories and Nagorno Karabakh"

President Bako Sahakyan addresses people on occasion of the Day of the Artsakh Republic

Armenian Center of Culture and Education in Israel to organize action demanding recognition and condemnation of Armenian Genocide

Armenia verifying reliability of the reports on an Armenian civilian's crossing the border with Azerbaijan

President of Armenia: Artsakh's independence - irreversible reality now

Nalbanian cannot say when Erdgoan will accept Serzh Sargsyan's invitation

Rostelecom announces new reduced tariffs starting 1 Sept 2014

VTB Bank (Armenia) funds repair and equipment of math classroom at secondary school No.21

Tickets of "Armenia" train running Yerevan-Batumi-Yerevan become cheaper

All outgoing calls to Beeline fixed-line network to cost 5 AMD per minute starting from 1 Sept 2014

Hakob Injighulyan is currently in Romania

Prime Minister of Georgia: Kazbegi Checkpoint on Georgian-Russian border will operate in limited emergency regime

Ilham Aliyev speaks of foreign forces' attempts to destabilize the political atmosphere in Azerbaijan

Armenian citizens' visa-free stay in Georgia to last 90 days within half a year

March of Peace, Unity and Solidarity in Yerevan

U.S. Embassy in Baku offers excuses: California Senate's decision does not represent national foreign policy

Eduard Sharmazanov: Robert Kocharyan said nothing new

A Radisson Hotel may open in Armenia

Armenia institutes a criminal case suggesting international terrorism over Azerbaijan's fire attacks on Armenian borderline villages

VTB Bank (Armenia) presents gifts to children of Full Life NGO's Inclusive Summer Camp

Azerbaijan transfers Hakob Injighulyan to a third country

Armenian analyst considers Edward Nalbandian's participation in Turkish president's swearing-in ceremony to be a diplomatic mistake

Union of Banks of Armenia hosts discussions on development problems of Armenia's financial and banking sector

Volunteers from the Diaspora visit VivaCell-MTS headquarters

Robert Kocharyan is not optimistic about prospects of final settlement of Karabakh conflict

Edward Nalbandian invites Erdogan to visit Armenia on 24 April 2015

Robert Kocharyan: The regime able to forget personal interests is doomed to success

Beeline cuts down tariffs for fixed-line telephony services

Expert: California Senate-adopted Resolution - AJR 32 is a response to Baku's blackmailing policy

Robert Kocharyan: It would be wrong thinking that Armenia's economy may gain from sanctions against Russia

Hrant Bagratyan: Tigran Sargsyan tried to stimulate construction but failed to

  • by Tigran Khachatryan

  • Tuesday, January 14, 22:19

 When Tigran Sargsyan was the head of the Central Bank of Armenia (CBA), he was trying to stimulate construction, but failed to, ex-Prime Minister of Armenia, opposition MP Hrant Bagratyan says on his Facebook page, when responding to the incumbent Prime Minister's opinion that during the pre-crisis period Armenia's economy was poorly diversified and grew due to the construction bubble only. To note, Tigran Sargsyan expressed his opinion in his indirect debates with the second President of Armenia Robert Kocharyan. 

He says that in 2001-2007 construction grew from 110 bln to 671 bln AMD, with the state and the banks' shares being 9-10% and 80%, respectively. It was then that the chief banker of the country was the incumbent Prime Minister of Armenia Tigran Sargsyan.   

"The Prime Minister's statements have nothing to do with the financial or the construction bubble. There was nothing of the kind in Armenia. In this case everything is clear. Migration grew 5-fold. In 2001-2007 an average of 15-20 thsd people annually left Armenia, whereas in 2008-2013 the average annual migration totaled 63 thsd people. Now people are leaving Armenia forever. They are selling their houses. As a result, resonant pressure occurred on the property market, where the supply is high and there is almost no demand. The outflow of the population results in reduction of property buyers amid the regular housing growth", says Bagratyan. 

As regards the pension reform, Bagratyan does not share the opinion of the second President of Armenia Robert Kocharyan. Bagratyan thinks that there are no contradictions between the two models of pension systems (compulsory contribution pension system and solidarity between generations). These systems should be properly compared, he says. 

"These two pension models are quite coherent. The authorities' decision to switch to the compulsory system was mostly spontaneous.  On the other hand, they took certain steps to harmonize the new model with the current system of solidarity between generations.  Particularly, at the end of a fiscal year employees will be granted tax privileges, which will make the system non-compulsory. Employers will also make the payments.  One in a decade an employee will be able to use his or her funds. In order to make pension funds more efficient, the size requirement to their capitals must be reduced from 500mln AMD to 200mln AMD. We must also prevent the outflow of this money from the country. This is crucial for our sovereignty," Bagratyan says.
This is Bagratyan's response to the recent dispute between former President of Armenia Robert Kocharyan and current Armenian Prime Minister Tigran Sargsyan.

In his interview to, Kocharyan slated Sargsyan and urged him to work instead of blaming his predecessors. 

Send to a friend

To (e-mail)

Your name



View comments (0)

Be first to comment on this article

* Indicates required fields