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On September 1 the NA Standing Committee on Financial-Credit and Budgetary Affairs moderated by Gagik Minasyan discussed the draft package of the bill on “Amendments to the RA law on “RA Central Bank”” and attached bills. The keynote speaker, Deputy Chairman of the RA Central Bank Nerses Yeritsyan noted that as a result of the drafted amendments it would be possible to reveal and regulate risks of the financial groups functioning in the RA, ensuring stability of the financial market.

It is also suggested that CB should have a Chairman with two Deputy Chairmen, in which case it will be possible to form a full managerial body, which will implement operational management and interim decision-making.

The Committee gave a positive conclusion to the discussed package for including it on the draft agenda of the 8^th session of the NA 5^th convocation.

The Committee discussed in the second reading the bill on “Amendments to the RA law on “ Guaranteeing Compensation of Bank Deposits” authorized by Mikayel Melkumyan, Naira Zohrabyan, Elinar Vardanyan and gave a positive conclusion.

The First deputy Mayor of Yerevan City Kamo Areyan presented the loan agreement on “Yerevan Street Lighting Project” signed on 11 May 2015 between the Republic of Armenia and EBRD. According to the keynote speaker, EBRD will provide to Armenia US $ 4 million loan with 10-year maturity period within the framework of the loan agreement. The main goal of the project is to provide the City of Yerevan with an energy efficient and safe outdoor lighting network. In particular, it includes replacement of lighting fixtures with modern, energy efficient lamps, underground cabling and the installation of automated control system in the 28 streets of Yerevan .
The agreement will be submitted to the parliament’s ratification with the Committee’s positive conclusion.

The members of the Committee by the submission of the Deputy Finance Minister - Chief Treasurer, Atom Janjughazyan, discussed the reference of state budget performance of the first half of the year 2015. It has been noted the average inflation rate in the first half of the year 2015 has been 5.1 %. 0.3 % nominal growth of total revenues and 15.7% growth of expenditures of the state budget have been recorded. In January-June of 2015 4.2% growth of economic activity in real terms has been registered over the same period of the previous year.