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Brandy businesses facing crisis in Armenia

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  • Brandy businesses facing crisis in Armenia

    Hraparak: Brandy businesses facing crisis in Armenia

    11:06 * 31.01.15


    Brandy manufacturing companies, whose number crosses 30 in Armenia,
    are said to be facing economic hardships due the market instabilities
    and the currency decline.

    According to the paper, the crisis has not left the brandy businesses
    owned by businessman politician Gagik Tsarukyan and Prime Minister
    Hovik Abrahamyan unaffected. The layoffs aside, most employees in
    those companies are reported to be in a state of idleness.

    The paper says that only two brandy companies - MAP and the Proshyan -
    presently carry out exports but they too are said to be unable to
    reeceive any money from Russian ventures. The paper claims that the
    brandy manufactures agreed in their contracts with Russian companies
    to carry out transactions in Rouble, but later borrowed loans in US
    Dollars from Armenian banks.

    Businessmen now propose that the Government reformulate the loans in
    the Armenian Drams. Premier Hovik Abrahamyan, who cannot decide on
    such a measure himself, reportedly refers them to President Serzh
    Sargsyan, expecting the latter to issue a corresponding instruction to
    banks. As for the businessmen, the paper says they expect their
    negotiations with the president to result in granting them a "loan
    holiday" to enable them to have the necessary money to pay in at least
    a year. "But that's impossible too. Many banks have finished the year
    with a negative balance, as it is, let alone the $39 billion worth
    fundamental capital," the paper quotes bankers as saying.


    http://www.tert.am/en/news/2015/01/31/hraparak/1575099



    From: Emil Lazarian | Ararat NewsPress
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