Banks

Moody’s changes the outlook on IDBank’s ratings to positive

Thu, 06 Aug 2026 13:59:00 +0400

Moody’s Ratings has changed the outlook on IDBank’s long-term deposit ratings to positive from stable.

Moody’s recently affirmed IDBank’s long-term deposit ratings at Ba3, as well as the Bank’s ba3 Baseline Credit Assessment (BCA) and Adjusted BCA, highlighting its solid capital and liquidity buffers, high profitability and continued improvement in asset quality.

“The positive outlook reflects the improving operating environment in Armenia, which could contribute to a further upgrade of the bank’s ratings. According to Moody’s, IDBank will maintain strong solvency and liquidity over the next 12-18 months,” the news release reads.

IDBank’s long-term deposit ratings and Baseline Credit Assessment (BCA) are at the same level as the sovereign issuer rating of Armenia.

The bank is supervised by the CBA.

Overchuk speaks of “dramatic drop” in Russia-Armenia trade

Thu, 06 Aug 2026 12:15:00 +0400

Russian Deputy Prime Minister Alexei Overchuk said that trade between Russia and Armenia is “declining dramatically.”

“The situation unfolding in relations between the Eurasian Economic Union (EAEU) and Armenia was predictable. Over the past three to four years, we have been warning our Armenian colleagues about these risks, particularly the risk of a decline in trade,” TASS quoted Overchuk as saying.

“In 2024, trade between Russia and Armenia reached a record high of around $12 billion, which was an enormous figure. Last year, it dropped to about $8 billion. This year, trade has fallen even more sharply, shrinking by about two-thirds compared to 2025. Given the current situation, it is clear that the decline will continue,” the Russian deputy prime minister said.

EY Armenia: Recent Tax Changes will Significantly Affect Businesses in Armenia

Thu, 06 Aug 2026 00:05:00 +0400

Armenia has introduced a broad package of tax legislative changes that will affect businesses across multiple industries, including e-commerce, retail, manufacturing, tourism, jewelry production, and cross-border operations.

While some amendments are already in force, others will take effect from 1 January 2027 and may require companies to review their tax reporting, compliance processes, and accounting methodologies.

“The recent amendments represent one of the most extensive packages of tax changes adopted during the year. Companies should carefully assess how the new rules may affect their tax compliance, reporting processes and business operations, particularly in areas such as e-commerce, tax administration and foreign currency transactions accounting,” said Kamo Karapetyan, Partner and Head of Tax Practice at EY Armenia.

What's new?

New VAT framework for EAEU e-commerce marketplaces

One of the most notable changes concerns the taxation of cross-border electronic commerce within the Eurasian Economic Union (EAEU).

Under the new rules, electronic marketplace operators may become responsible for calculating, reporting, and remitting Armenian VAT on certain cross-border B2C sales to consumers in Armenia, regardless of VAT registration thresholds. The new rules will enter into force on 1 January 2027 and are expected to impact online platforms and businesses engaged in cross-border e-commerce.

Special VAT regime for gold and jewelry industry

Armenia has introduced a new VAT mechanism for manufacturers and traders of gold and jewelry.

Instead of taxing the entire sales value, VAT will generally be calculated based on the value added during production or resale, bringing taxation more closely in line with the economic substance of these transactions.

Expanded Powers for Tax Authorities

Businesses may also face increased scrutiny from tax authorities.

Tax authorities now have broader powers during thematic reviews and may initiate up to three reviews per year in certain circumstances. The changes are designed to strengthen tax compliance oversight and expand the authority's ability to verify taxpayer positions.

Tax professionals note that companies should ensure their internal records, supporting documentation and tax reporting procedures are sufficiently robust to withstand increased review activity.

Higher criminal liability thresholds for tax offences

Another important development concerns tax-related criminal liability.

The monetary thresholds triggering criminal liability for tax violations have been significantly increased. As a result, many lower-value tax disputes may be addressed primarily through tax administration measures, including additional assessments, penalties, and fines.

Foreign currency accounting reform and other amendments

The reform package extends beyond VAT and tax administration matters.

Among other changes, the legislative package revises the tax accounting rules for foreign currency transactions, expands opportunities for transaction adjustments and goods returns, introduces new VAT exemptions, and includes various changes affecting profit tax, VAT administration, and non-resident taxation.

Businesses engaged in international transactions and foreign currency operations may be particularly affected by the updated accounting methodology and exchange rate application rules.

Why it matters for businesses

According to EY Armenia, the reforms could require companies to:

• Review existing tax accounting methodologies and exchange rate application rules;

•Adapt to new VAT requirements applicable to certain industries and transactions;

• Strengthen focus on tax compliance and tax reviews;

• Update internal controls, tax reporting, and documentation processes; and

• Reassess existing tax positions and compliance risks

A detailed overview of the legislative changes and their potential implications for businesses is available in EY Armenia's latest Tax Alert:

https://www.ey.com/en_am/technical/tax-and-law-alerts/major-tax-and-vat-changes-affecting-businesses-in-armenia

IDBank introduces the new Mastercard World Card with exclusive travel benefits and a special campaign

Wed, 05 Aug 2026 16:37:00 +0400

IDBank has expanded its card portfolio with the new Mastercard World card, created for those who value convenience not only in their everyday purchases but also while traveling.

The new card offers a range of exclusive travel benefits, including:

• 6 complimentary airport lounge visits,
• 6 complimentary Fast Track passes,
• 24/7 concierge service,
• 1 GB of international roaming,
• 50% discount on travel insurance,
• 50% discount on IDBank safe deposit box rental,
• 10% idcoin when using the GetTransfer service.

“The Mastercard World card is available in AMD, USD, and EUR and is issued with a five-year validity. Customers who order the card through the Idram&IDBank app or the IDBanking.am platform will receive a 20% discount on the first year’s service fee. Until August 31, 2026, the same discount will also apply to cards ordered at any IDBank branch,” said Hasmik Ghukasyan, Head of IDBank’s Product Development Division.

To celebrate the launch of the new Mastercard World card, IDBank has prepared a special campaign for its customers. Every primary cardholder who orders a Mastercard World card by October 31, 2026 (inclusive) will receive 10,000 idcoins within 10 business days of activating the card. 10,000 idcoins are provided for cards activated before November 15, 2026 (1 idcoin = 1 AMD).

In addition, cardholders who pay with their Mastercard World card at hotels worldwide will receive up to 25% back in idcoins on eligible hotel payments, but not more than a total maximum of 25,000 idcoins (after tax) per calendar month. Payments made through travel agencies are not eligible for the campaign.

As part of the campaign, idcoins are awarded only for transactions made with Mastercard World cards that remain active at the time the bonuses are credited. If the card has been closed before the idcoins are credited, no idcoins will be awarded for transactions made with that card. Transactions made using other card types linked to the Mastercard World card are not eligible for the campaign and will not be included in the bonus calculation, unless the attached card is also not a Mastercard World.

More information about the Mastercard World card is available here, and the full campaign terms and conditions can be found here.

The bank is supervised by the CBA.

Converse Bank and Visa expand their strategic partnership

Wed, 05 Aug 2026 16:04:00 +0400

Converse Bank is expanding its cooperation with Visa, a world leader in digital payments, by announcing the launch of a new phase of partnership focused on enhancing the customer experience and advancing customer loyalty solutions.

The bank reported that this phase of the partnership is particularly significant at the current stage of the bank’s strategic development, as the bank continues to enhance its C360 ecosystem and the Converse Mobile application, delivering a more personalized and valuable experience for customers.

As the partnership enters a new phase, Converse Bank will gain access to Visa’s advanced technological solutions and global expertise, enabling the bank to further enhance the capabilities of the C360 ecosystem, develop loyalty tools, and provide customers with value-added solutions while expanding access to innovative services tailored to their evolving needs.

Since the partnership began in 2002, Converse Bank and Visa have collaborated across a broad range of initiatives, from payment card products and international payment services to technology innovation, global expertise, and advisory support.

The new phase of the partnership highlights expanded opportunities to leverage emerging technologies, reflecting the evolution of banking beyond traditional financial services. Through access to Visa’s technology solutions and expertise, the bank aims to further strengthen its digital capabilities and deliver innovative, customer-centric experiences.

It is noted that in this context, the bank considers the continued use of Visa Consulting & Analytics services a strategic priority. By leveraging Visa’s global expertise and best practices, the bank has enhanced online identification, customer onboarding, and account opening processes within the Converse Mobile application. The collaboration has also strengthened the bank’s ability to analyze customer needs and behavior through the C360 platform, supporting the delivery of more relevant and personalized solutions.

Converse Bank is supervised by the CBA.

Western Union launches Stablecard

Wed, 05 Aug 2026 11:17:00 +0400

Western Union has launched a digital wallet and stablecoin-backed Visa secured credit card designed to enable users to hold, move and spend US dollar value globally.

Stablecard offers a consumer-friendly way to receive funds and store value in USDPT, Western Union's recently-launched US dollar stablecoin, in a digital wallet. Users can spend funds seamlessly anywhere Visa is accepted and USDPT is redeemable 1:1 for US dollars and is fully backed by reserves, Finextra reports.

Devin McGranahan, president and CEO, Western Union, says: “By combining the stability of a dollar-backed digital asset with the scale of Western Union’s global network and Visa’s acceptance footprint, we’re giving consumers a new way to hold value, move money and spend confidently across borders.”

The partner of Fintech section is

The EU’s Incredible Shrinking Banking Sector

Wed, 05 Aug 2026 00:10:00 +0400

Howard Davies, a former deputy governor of the Bank of England, is a professor at Sciences Po.

A quarter-century ago, each of the five biggest European Union banks had a market capitalization larger than that of the biggest US bank. Now the market capitalization of the biggest US bank, JPMorganChase, is higher than that of the top five EU banks combined. (The EU is coy about names, but we can presume that the EU banks include France’s BNP Paribas, Germany’s Deutsche Bank, and Spain’s Santander).

This striking fact about market capitalization is cited in a European Commission report on banking regulation published in late July. The Commission is not noted for lauding the achievements of the US financial sector, so the purpose must have been to sound a wake-up call to those EU member states that remain resistant to the reforms recommended in reports on European competitiveness written in recent years by former European Central Bank President Mario Draghi and former Italian prime minister Enrico Letta.

The reasons for this dramatic turnaround in relative values are many and various. One obvious factor is that the US economy recovered far faster from the 2008 financial crisis than the EU did, outperforming Europe by almost 20 percentage points since 2009. Another is that US capital markets are deeper and more flexible, giving companies more sources of capital and allowing banks to manage their balance sheets more actively.

Moreover, cost-to-income ratios in EU banks have remained stubbornly high, and many local regulations stand in the way of a genuine single market. The convoluted merger dance involving Unicredit and Commerzbank may turn out to have a happy ending, but the time it has taken illustrates how difficult banking consolidation has been to achieve. We still have no pan-European banks worthy of the name, except perhaps Revolut.

The EU’s legacy banks would also blame excessively conservative prudential regulation by the ECB. There are signs that the European Commission itself, more directly exposed to political pressures than the ECB, is coming around to that view.

The Commission is becoming more receptive to the argument that the need to encourage bank lending, especially to small and medium-size enterprises, which are more dependent on bank borrowing in Europe than they are in the US, should be a consideration influencing the setting of capital requirements. Maybe, as the saying goes, the ECB is achieving the stability of the graveyard, where nothing moves.

Claudia Buch

The difficulty is that the evidence on the relationship between bank capital and growth is mixed. Recent research by the management consultancy Oliver Wyman and financial research firm Autonomous points to a reduction in return on equity of about 1%—significant, but not transformative—arising from the ECB’s more conservative approach by comparison with the US Federal Reserve. The ECB, no surprise, contests that conclusion, and points to the long-term advantages of a highly resilient banking sector.

But that is a static approach, and there are, from the EU banks’ perspective, worrying signs of a growing transatlantic divergence. The Fed has clearly abandoned the Basel Endgame proposals which provoked such hostility a couple of years ago. The Fed’s current proposals, articulated by Vice Chair for Supervision Michelle Bowman, include a reduction in the supplementary leverage ratio, a lower G-SIB (Global Systemically Important Bank) surcharge, and other changes which, together, would reduce required capital for a large US bank by about 5%. That would suit President Donald Trump’s administration.

The Bank of England is moving cautiously in the same direction, and earlier this year announced a reduction in the benchmark Tier 1 capital requirements from 14% to 13% (down to the equivalent of a CET1 ratio of around 11%). That is hardly a radical move, and the British banks want more, but it is a step in the direction of a more competitive approach, which the government itself has called for.

But the ECB remains hawkish for now. Its head of supervision, Claudia Buch, argues that tough capital regulation has not constrained credit expansion in practice. She agrees with the need for simplification (hands up if you oppose simplification) but resists arguments for any overall reduction in capital.

Instead, the ECB continues to argue that banks could do more to help themselves by controlling costs more effectively. And while the price-to-book ratios of big EU banks remain below those of their US competitors, they have at last been rising.

In fairness, the ECB is not alone. While Canada has modestly relaxed its capital requirements, other significant economies have not. Australia and Japan remain conservative and resistant to change. China’s regime is hard to compare, but on the face of it, policymakers are sticking to their traditional line—“Basel plus one” percent—on capital requirements.

Friedrich Merz

Image by: REUTERS

In each case, the political and economic contexts are different. Europe is stuck in a low-growth equilibrium, and its leaders are desperately searching for an escape route. However weak the argument, cutting capital requirements seems to offer the prospect of some relief. That is clearly driving current thinking at the European Commission.

That could set the stage for an interesting confrontation between the Commission and the ECB this autumn, pitting the Brussels doves against the Frankfurt hawks. Normally, the outcome of that fight would be easy to handicap: the ECB holds most of the cards. But there are other considerations to bear in mind. The issue could play into discussions about who succeeds Christine Lagarde as ECB President in 2027. If the German economy remains stagnant, Chancellor Friedrich Merz might be well-disposed to someone a little less keen on ever-stronger capital buffers than his compatriot Frau Buch.

Copyright: Project Syndicate, 2026.
www.project-syndicate.org

Policy rate left unchanged at 6.50%

Tue, 04 Aug 2026 12:07:00 +0400

At its August 4, 2026 meeting, the Board of the Central Bank of Armenia decided to:

· Keep the Refinancing Rate unchanged at 6.50%
· Keep the Lombard Repo Facility Rate at 8.00%.
· Keep the Deposit Facility Rate at 5.00%.

Dexatel Wins Gold Stevie® Award for Technology Excellence

Tue, 04 Aug 2026 11:44:00 +0400

Dexatel has been named the winner of a Gold Stevie® Award in the Company of the Year – Communication Technology category in the third annual Stevie Awards for Technology Excellence.

The Stevie Awards for Technology Excellence celebrate the remarkable accomplishments of individuals, teams, and organizations shaping the future of technology across all industry sectors.

Winners will be honored at a red carpet awards ceremony on Wednesday, October 28, 2026, at the Pullman Paris Montparnasse in Paris, France, where they will be celebrated alongside winners of the 2026 Stevie® Awards for Great Employers, The International Business Awards®, and the German Stevie® Awards.

More than 700 nominations from organizations of all sizes in 37 nations and territories were submitted this year for consideration in a wide range of technology-related categories, including Company of the Year, Educational or Research Institution of the Year, Technical Innovation of the Year, Technology Breakthrough of the Year, and more. Dexatel is a Gold Stevie® Award winner in the Company of the Year – Communication Technology category for its Global Communications Infrastructure Platform.

Dexatel was recognized for helping businesses simplify global customer communications through a unified Communications Platform as a Service (CPaaS). Its platform enables organizations to power OTP verification, two-factor authentication (2FA), customer notifications, business messaging, and omnichannel communications across SMS, WhatsApp, Viber, Voice, Telegram, RCS, and Email through a single API and platform.

Trusted by businesses worldwide, Dexatel helps organizations improve customer authentication, maximize message delivery rates, prevent fraud, and scale customer communications with enterprise-grade reliability, transparent pricing, and direct operator connectivity.

"We're honored to receive this recognition from the Stevie Awards," said Gegham Azatyan, Co-founder & Commercial Director at Dexatel. "Winning a Gold Stevie Award is a significant milestone for our team and reflects our commitment to building communications technology that businesses can rely on every day. As digital communications continue to evolve, we'll continue investing in innovation that helps organizations deliver secure authentication, reliable messaging, and exceptional customer experiences."

More than 180 professionals worldwide participated in the judging process to select this year's honorees.

"We congratulate all of the winners in the third annual Stevie® Awards for Technology Excellence for their outstanding achievements," said Stevie Awards President Maggie Miller. "Their innovations are helping shape the future of technology across every industry, and we look forward to celebrating their success on October 28."

Details about the Stevie Awards for Technology Excellence and the complete list of 2026 Stevie winners are available at https://tech.stevieawards.com.

About Dexatel
Dexatel is a global Communications Platform as a Service (CPaaS) provider that helps businesses communicate with customers through SMS, WhatsApp, Viber, Voice, Telegram, RCS, and Email using a single API and platform. Organizations worldwide use Dexatel for OTP verification, two-factor authentication (2FA), customer notifications, business messaging, marketing campaigns, and conversational communications. With enterprise-grade security, transparent pricing, and reliable global delivery, Dexatel enables businesses to build scalable customer communication experiences.

About the Stevie® Awards
The Stevie® Awards, widely recognized as the world's premier business awards, are nicknamed the Stevies, derived from the Greek word stephanos, meaning "crowned." The Stevie Awards are conferred through nine programs: the Asia-Pacific Stevie Awards, the German Stevie Awards, the Middle East & North Africa Stevie Awards, The American Business Awards®, The International Business Awards®, the Stevie Awards for Great Employers, the Stevie Awards for Women in Business, the Stevie Awards for Technology Excellence, and the Stevie Awards for Sales & Customer Service.
The Stevie Awards receive more than 12,000 nominations each year from organizations in more than 70 nations. Honoring organizations of all types and sizes and the people behind them, the Stevies recognize outstanding performances in the workplace worldwide. Learn more about the Stevie Awards at https://stevieawards.com/

Armeconombank’s New Visa Signature Business Card: A Trusted Companion for Business

Mon, 03 Aug 2026 17:54:00 +0400

Armeconombank has unveiled its new premium Visa Signature Business payment card, designed specifically for corporate clients. The Bank is confident that this is not just another payment instrument, but a whole new philosophy of corporate convenience.

On July 30, the card was officially presented to corporate clients during a launch event attended by representatives of the Bank and Visa, alongside key corporate partners.

"Armeconombank continuously takes active steps to comprehensively develop its retail and investment banking, as well as its corporate direction. Throughout the Bank’s 35 years of activity, legal entities - and particularly representatives of small and medium-sized businesses - have held a truly special place in the growth of our banking business. Today, I am delighted that, together with our international partner Visa, we have developed a new product and new opportunities specifically for these clients," noted Artak Arakelyan, Executive Director of Armeconombank, in his welcome address. Highlighted by the proven track record of fruitful collaboration with Visa, he expressed confidence that future results will once again prove that the resources invested in bringing new projects to life are fully justified.

"We are proud to expand our long-standing partnership with Armeconombank through the launch of the Visa Signature Business Card, reflecting our shared vision for Armenia's growing cashless economy. With this card, we offer our premium clients simplified expense management and world-class travel benefits, making payments more convenient. I would like to thank Armeconombank for this fruitful collaboration. Visa remains committed to supporting Armenia’s digital transformation by introducing innovative solutions and accelerating digital payment adoption," noted Diana Kiguradze, Visa Regional Manager for the Caucasus and Moldova, during her speech.

The event was made even more memorable with the live creation of an exclusive "Signature" fragrance, inspired by the philosophy and corporate style of the card. The perfume was presented as a keepsake gift to the attending guests.

Exclusive Privileges and Premium Comfort Anywhere in the World

The Visa Signature Business Card is designed for both resident and non-resident legal entities and individual entrepreneurs in the Republic of Armenia. The card provides:

• 24/7 Business Concierge Service: Includes 1 free legal or accounting consultation per year;
• Travel Insurance: Coverage up to $500,000 (flight delays, medical expenses, loss of personal belongings, and more);
• Unlimited Business Lounge Access: Entry to over 1,200 airport business lounges across 450 cities worldwide (subject to terms and conditions);
• 10 Complimentary Fast Track Passes Annually: Available at over 30 international airports worldwide;
• 24/7 Global Customer Assistance: Worldwide emergency support, as well as medical and legal assistance;
• Extensive Payment Advantages: Exclusive discounts, cashback programs, and special promotional offers on advertising and educational platforms, among others.

As a credit card, the Visa Signature Business Card offers a credit line facility (up to AMD 10 million with a 30-day grace period).

You can find out more about all the benefits and current offers provided to Visa Signature Business cardholders here.

Armeconombank is supervised by the Central Bank of Armenia.

Idram and IDBank support startups at Seaside Startup Summit

Mon, 03 Aug 2026 17:21:00 +0400

Thousands of ideas and numerous participants – all in one place. This year, Seaside Startup Summit once again brought together startup founders, seeking innovative solutions, and representatives of well-established major businesses.

Mentors from Idram and IDBank joined early-stage founders to support them through their growth journey, answer vital questions, and identify innovative solutions for startup scaling.

Albert Tunyan, Head of Key Partner and Digital Payment Projects at Idram and IDBank, Aghvan Abrahamyan, Head of SME Acquisition, and Hayk Muradyan, Head of Corporate Business Processes and Team Development, expressed confidence that many of these compelling ideas will soon enter the Armenian market.

“It is important not only to fall in love with your own innovations, but also to pay special attention to customer satisfaction. Often, founders focus entirely on product development and overlook sales. We are glad to see that startups today are placing more emphasis on sales, which is the key to success,” company representatives shared.

Within the framework of Seaside Startup Summit, Sergey Arakelyan, Digital Banking Director and Member of Management Board at IDBank, joined the jury, where he evaluated more than 10 startups.

Commenting on the event and the presented ideas, Sergey Arakelyan emphasized that participating in Seaside Startup Summit is an ideal opportunity for IDBank to discover innovative startups.

“What makes the Summit truly special is its format, which brings together projects across diverse sectors. It is particularly exciting to see financial solutions powered by artificial intelligence and current technological trends,” noted Sergey Arakelyan.

Idram and IDBank companies are supervised by the CBA.

It is now possible to register in Unibank’s mobile application through imID as well

Fri, 31 Jul 2026 17:47:00 +0400

Unibank continues to expand its digital service capabilities by offering customers another convenient option for registering in the UNIMobile application.

The bank reported that from now on, it is also possible to register in the UNIMobile application through imID in just a few seconds. To do so, users need to download the UNIMobile application from the App Store or Google Play, select the "imID authentication" button during registration, and follow the simple instructions.

UNIMobile application users get 24/7 access to banking services. Through the application, it is possible to open a bank account, apply for a consumer loan, make money transfers within Armenia and abroad, increase or decrease deposits, create digital cards, make utility and other payments, as well as use many other services.

Online registration in the UNIMobile application is also possible through biometric identification.

“Unibank will continue responding to customer needs by implementing innovative technologies and making financial services even more accessible and convenient,” the news release reads.

Changes in Byblos Bank Armenia’s executive management

Fri, 31 Jul 2026 17:20:00 +0400

Byblos Bank Armenia CJSC announces that the bank’s Chief Executive Officer Hayk Stepanyan will conclude his tenure with the bank effective August 1, 2026.

The bank’s Board of Directors expresses its sincere gratitude to Hayk Stepanyan for his outstanding leadership, more than 25 years of dedicated service and significant contribution to the growth and development of Byblos Bank Armenia.

“Under Hayk Stepanyan’s leadership, Byblos Bank Armenia has continuously strengthened its position in the financial market by expanding its range of products and services, introducing innovative digital solutions and further enhancing its customer-centric approach. His strategic vision and strong leadership have played a pivotal role in the bank’s sustainable growth, operational excellence and long-term success,” the bank’s news release reads.

To ensure a smooth leadership transition, the Board has appointed Ani Sargsyan, currently serving as the bank’s Chief Financial Officer, as Acting Chief Executive Officer and Deputy Chief Executive Officer, effective August 1, 2026.

IDBank warns about cyberattacks targeting schoolchildren

Fri, 31 Jul 2026 16:29:00 +0400

During the summer, fraudsters shift their focus. While adults are busy with work, children spend more time online and playing video games.

This is why the number of cyberattacks targeting children and teenagers increases during the school holidays. However, the criminals’ goal remains the same: gaining access to accounts, devices, and, in the most serious cases, parents’ money.

The Scam: From “free bonuses” to real financial losses

Fraudsters target the games most popular among children, such as Minecraft, Roblox, Brawl Stars, and Counter-Strike. They operate through in-game chats, dedicated Telegram channels, and videos on TikTok and YouTube.

The most common scam scenarios include:

• “Free in-game currency” or a “rare mod.” Children are encouraged to click a link to receive free in-game currency, an exclusive game item, or a modified version of a game. The website looks authentic but is designed to steal login credentials. In some cases, instead of a link, scammers send a file that infects the child’s phone or computer with malware once installed.

• “Prize tournament.” Invitations to gaming tournaments are distributed via messaging apps or videos. To participate, children are asked to send their account recovery code to the organizers. Once the code is shared, fraudsters take over the account and either demand a ransom to return it or use it to send spam messages on the victim’s behalf.

• “Earn money just by playing.” In gaming chats, children are offered money for testing a new game or registering on a new social media platform. During registration, personal data is collected, after which scammers attempt to extort money from the child or their friends.

• “The admin needs to verify your account.” This scam is particularly common in CS2. A person claiming to be a server administrator contacts the child, accuses them of cheating, and asks them to download and run a “verification” program. In reality, the archive contains remote access software. Once launched, the scammer gains full control of the computer, allowing them to monitor activity, steal accounts, or even lock the device.

Important

Some scams go beyond gaming accounts. Fraudsters persuade children to take their parents’ phone, open a banking app, and “help complete a payment” or “confirm a transaction.” In such cases, the damage involves real money, not just in-game purchases.

In every scenario, scammers rely on a child’s trust, excitement, and inability to critically assess an attractive offer from a stranger they meet online.

The legal trap

What makes these schemes particularly dangerous is that everything appears to have been done voluntarily by the user: they clicked the link themselves, entered their password, or downloaded the file. If a child uses a parent’s phone to make a transfer through a banking app, the transaction appears to have been authorized by the device owner.

As a result, investigating such incidents becomes much more difficult, while recovering stolen funds or compromised data is often nearly impossible.

IDBank recommends

• Teach your child one basic rule: “Free in-game currency” and other offers that seem too good to be true from strangers are almost always scams.

• Explain that files should never be downloaded through links shared in gaming chats. Mods and add-ons should only be obtained from official sources and app stores.

• Always check website addresses carefully. Fraudulent gaming websites often imitate legitimate ones but contain extra characters or slight spelling differences.

• Enable two-factor authentication (2FA) for all gaming accounts, using email or SMS verification.

• Do not allow children to use phones with unrestricted access to banking applications. Financial apps should always be protected with a separate password or biometric authentication.
• Take an interest in the games your child plays and the platforms they use. Open communication and trust are the best forms of prevention. Rather than frightening children, explain the risks and how to recognize them.

IDBank is supervised by the CBA.

Moody’s affirms Converse Bank’s ratings and changes outlook to positive from stable

Fri, 31 Jul 2026 15:51:00 +0400

Moody’s Ratings has affirmed Converse Bank’s long-term deposit ratings at Ba3 and changed the outlook to positive from stable. At the same time, the agency affirmed all of the bank’s ratings, including its ba3 Baseline Credit Assessment (BCA) and Adjusted BCA.

The bank reported that the change in the outlook follows the revision of the outlook on the Government of Armenia to positive from stable and reflects Moody’s assessment of the improvement in the country’s macroeconomic and operating environment.

According to Moody’s, the positive outlook reflects the government’s improving capacity to support the banking system and the country’s largest banks, if needed, as well as improving operating environment.

“The affirmation of Converse Bank’s ba3 BCA reflects the agency’s expectation that the bank will preserve its robust credit metrics over the next 12-18 months.

According to Moody’s, Converse Bank’s ba3 BCA is supported by its strong loss-absorption capacity, stable funding profile, robust liquidity and strong capitalization,” the news release reads.

Moody’s press release is available here.

Converse Bank is supervised by the CBA.

Premium KONE elevator systems at the Azatutyun Premium Complex: Parties sign memorandum

Fri, 31 Jul 2026 13:20:00 +0400

The Azatutyun Premium-Class Multifunctional Complex continues to expand its international partnerships by engaging world-leading companies in the development of the project.

The Azatutyun Complex and Yuglift, the official representative of KONE, have signed a Memorandum of Cooperation on the integration of KONE’s modern elevator systems into the complex.

The Memorandum of Cooperation, announcing the partnership, was signed by David Atanessian, Founder and CEO of the Azatutyun Complex, and Harutyun Amirjanov, Chief Executive Officer of Yuglift.

The Finnish company KONE is one of the world’s leading manufacturers of elevators and escalators, with more than a century of experience. The company is renowned for its innovative technologies, high safety standards, and solutions aimed at creating sustainable urban environments. KONE’s systems are installed in numerous premium-class residential, commercial, and multifunctional developments around the world, ensuring the safe, efficient, and comfortable movement of people.

01.06.2026 | 15:53 Mitsubishi Electric Systems to be integrated into the Azatutyun Complex

Guided by these principles, the Azatutyun Complex chose the KONE brand for its elevator systems. The concept behind the project envisions not only premium-class architecture, but also attention to every detail, from engineering solutions to the everyday comfort of its residents.

“It is important to us that Azatutyun becomes a project where international best practices and the Armenian reality come together around a single, unified vision. When selecting each of our partners, we are guided not only by the company’s global reputation, but also by the value it can bring to our project. KONE’s new generation technologies fully align with our approach of creating a safe, comfortable, and modern environment that will serve its residents for many years to come,” said David Atanessian, Founder and CEO of the Azatutyun Complex.

“We are pleased to begin this partnership as part of a project such as the Azatutyun Complex. For more than two decades, as KONE’s official representative in Armenia, we have been offering our clients world-class elevator solutions by combining innovative technologies, high safety standards, and professional expertise. We are confident that KONE’s systems will fully meet the high standards of the Azatutyun Complex and become one of the key components ensuring safe, comfortable, and seamless movement for its residents,” added Harutyun Amirjanov, Chief Executive Officer of Yuglift, the official representative of KONE in Armenia.

The event brought together partners, investors, industry representatives, and supporters of the project to mark a partnership that represents another step forward for Armenia’s premium-class residential development sector.

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Azatutyun is a premium-class multifunctional complex that sets new standards for the urban environment, architecture, and modern living.

The complex has been designed using advanced engineering, contemporary architectural, and innovative construction approaches, with a high seismic resistance rating of 9+. The construction incorporates the latest generation of energy-efficient building materials. The ventilated façade system is clad with non-combustible composite panels, ensuring a high level of fire safety. Strategically located as the northern gateway of Yerevan, the complex occupies one of the capital’s key transport hubs, providing convenient access to the city’s main roads and intersections, with quick connectivity to both Yerevan’s city centre and its other administrative districts.

The complex comprises 18 floors, with the first four floors dedicated to commercial spaces. Amenities include a concierge service, 24/7 security, 3,600 sq m of landscaped green areas and an Art Zone, as well as a supermarket, pharmacy, cafés, food outlets, a fitness centre, and a spa.

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KONE is one of the world’s leading providers of elevators, escalators, and smart building mobility solutions. Founded in Finland in 1910, the company operates in more than 70 countries and maintains approximately 1.7 million elevators, escalators, and automatic door systems worldwide. KONE is renowned for its innovative, safe, and energy-efficient solutions, which are used in residential, office, hospitality, healthcare, and multifunctional developments, contributing to the sustainable development of urban environments and the comfortable movement of people.

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Yuglift LLC has been the official representative of the KONE brand in Armenia since 2006. The company specializes in the supply, installation, modernization, and maintenance of elevators, escalators, and moving walkways, delivering engineering solutions that meet international standards. Over the years, Yuglift has completed numerous projects across Armenia, partnering with developers of residential, commercial, hospitality, and public buildings while maintaining the highest standards of quality, safety, and long-term reliability.

Russian Minister: replacing imports from Armenia will not pose any difficulties

Fri, 31 Jul 2026 09:46:00 +0400

Russian Minister of Economic Development Maxim Reshetnikov has said that replacing imports from Armenia will not pose any difficulties for Russia.

“Armenia’s share of Russia’s total trade with the world does not exceed 0.9%. It will not be difficult for us to replace Armenian imports,” TASS quoted the minister as saying.

“The statements by the Prime Minister of Armenia regarding the South Caucasus Railway provide an opportunity to highlight the significant benefits that Armenia’s economy derives from its participation in the EAEU as a whole and from trade with the Russian Federation in particular,” Reshetnikov noted.

According to him, during Armenia’s membership in the EAEU (2015-2025), the country’s exports to fellow EAEU member states increased more than 13-fold, from $240 million to $3.2 billion.

“More than 80% of Armenia’s traditional exports – food, agricultural products and alcoholic beverages – are shipped to EAEU countries,” Reshetnikov said, adding that “entering alternative markets requires a lengthy restructuring of production chains and carries high commercial risks.”

Where Will Global Financial Fragmentation Lead?

Thu, 30 Jul 2026 22:30:00 +0400

Şebnem Kalemli-Özcan, Professor of Economics at Brown University and Director of the Global Linkages Lab, is a former senior policy adviser at the International Monetary Fund and former lead economist for the Middle East and North Africa at the World Bank.

Şebnem Kalemli-Özcan

The global monetary order is fragmenting. Each use of financial sanctions by the United States raises the option value of an alternative to the dollar, making diversification a form of strategic insurance. But while managed diversification is healthy, a disorderly scramble for the exits would not be.

Europe learned a version of this lesson in 2010, and its experience remains the best evidence we have about what currency unification can and cannot deliver. Since debates about geopolitical fragmentation always revive the late economist Robert Mundell’s dream of a world currency—or its modern variant of two leading currencies, the dollar and the euro—we should be mindful of the euro’s real-world experience over the past quarter-century.

The euro crisis was the perfect test of the optimal currency area (OCA) theory that Mundell had presented in his 1961 paper, because his criteria—factor mobility (especially that of labor), fiscal transfers, and symmetric shocks—turned out to be exactly the dimensions along which the eurozone would be challenged. A monetary union without a fiscal union and labor mobility, facing asymmetric shocks, behaved precisely as the theory predicted: it transmitted stress it could not absorb. The crisis thus seemed to vindicate Mundell’s OCA theory.

Robert Mundell

Of course, OCA criteria are not fixed in time, but rather are shaped by economic integration itself. In a 2001 paper, my colleagues and I showed that regions and countries with more specialized production structures have output fluctuations that are less correlated with everyone else’s. Combined with our earlier finding that capital-market integration causes such specialization, we concluded that financial integration pushes shocks toward greater asymmetry.

We then described the mechanism behind this pattern in a 2003 paper, showing that the more a group can share risk—across German regions, US states, or EU countries, for example—the more its members can afford to specialize and trade. Thus, insurance buys specialization, which in turn buys trade and output asymmetry. The empirical upshot of Mundell’s theory is that regions within federations share risk heavily and specialize extensively, whereas sovereign countries share almost no risk at all. The euro, on this reading, still cannot be an OCA. It had the integration that drives specialization and asymmetry, but it lacked the federal insurance that makes asymmetry survivable.

Without such insurance, a single currency misallocates capital, leading to declining productivity. As we show in a 2017 paper, the interest-rate convergence that accompanied the euro’s arrival did send a flood of cheap capital into Spain, Italy, and Portugal—exactly the “downhill” flow the textbook promised. But the textbook also predicted that this capital would find its most productive uses, and it did not—a misallocation story. In economies with size-dependent financial frictions, the falling cost of capital drew investment toward firms with high net worth rather than high productivity. As the dispersion of returns to capital across firms widened, total factor productivity fell.

This pattern appears in Spain, Italy, and Portugal, but notably not in Germany, France, or Norway, where financial markets are deeper. The euro did not merely expose its members to asymmetric shocks they could not insure against; the capital it attracted was systematically misallocated, dragging down the productivity of the periphery.

So, these mechanisms explain why monetary union has proved so much harder in practice than its architects hoped. Could the world nonetheless converge to a durable dollar-euro duopoly? Current trends suggest not. Geopolitical fragmentation is pushing the system toward many currency blocs, not toward one or two central banks. The political logic of the moment favors assertions of monetary sovereignty of every nation, not its surrender.

A generalized version of the European story is also the story of the past four decades of financial globalization. The textbook case for globalization in the 1990s promised that capital would flow downhill from rich economies to poorer ones, equalizing returns and accelerating convergence. Instead, the paradox that Robert Lucas had observed in 1990 held. Instead of capital flowing from developed to developing countries, China’s savings flowed to the US, producing the persistent imbalances and domestic grievances that now drive US trade policy. Likewise, integration was supposed to let countries insure one another against shocks. Instead, consumption remained less correlated than output across countries. It was the reverse of what efficient risk sharing predicts. The world got the contagion without the insurance.

What about the current digital-currency revolution? A naive reading casts it as a global-single-currency enabler; but, in practice, the opposite is happening. Stablecoins, the fastest-growing form of cross-border digital money, are roughly 97% dollar-denominated, and US legislation now deliberately channels digital-dollar activity into privately issued Treasury-backed tokens, with the explicit strategic aim of entrenching the dollar. As a response, China’s e-CNY—and perhaps a future digital euro—is being built as an instrument of national monetary sovereignty, for the express purpose of creating payment rails that can operate outside the dollar system. The technology that could in principle have delivered Mundell’s single world money is instead deepening dollar dominance and fortifying national monies. It is fragmenting, not unifying, the monetary order. It is only a matter of time before every country pushes for its own digital currency.

Mundell’s wished-for destination is unreachable because the world is nowhere near an OCA: labor does not move freely across borders; there is no global fiscal authority to transfer resources from booming regions to slumping ones; and shocks are profoundly asymmetric across countries.

A single global currency would do to the world what the euro did to its periphery. It would drive further specialization and more asymmetry over time, with no fiscal union to insure against it. The man who gave us the tools to evaluate OCAs also gave us the decisive argument against the single world currency.

The international monetary system today is best understood not as Mundell’s map of regions choosing exchange-rate regimes, but as a network of trade and financial linkages through which monetary influence propagates. Resilience in such a system will come neither from a single global currency nor from a scramble into national fortresses, but from the deliberate management of the linkages that constitute the network.

Copyright: Project Syndicate, 2026.
www.project-syndicate.org

Evocabank and Green Rock Launch Project of bank's New Head Office

Thu, 30 Jul 2026 17:59:00 +0400

Karen Yeghiazaryan, Chairman of the Management Board of Evocabank, and Katerina Danekina, CEO of Green Rock Management Group, signed the Memorandum of Understanding, officially marking the start of the project's implementation.

Evocabank’s new head office will be located at 14 Demirchyan Street, Yerevan, and will unite all bank employees under one modern workspace that complies with international standards. The project is being delivered by the internationally renowned architectural firm MVRDV.

Karen Yeghiazaryan, Chairman of the Management Board of Evocabank, noted: Today is a symbolic day for the bank. We are celebrating a new stage of the Bank's development. The bank's new head office will be a center which meets international standards, and which, I am confident, will set a new benchmark in Yerevan's urban development culture. This new center will become a new symbol of the bank, and this moment holds special meaning, as today we are gathered near the bank's current head office, which has been operating for around 35 years. A long journey lies ahead with our partner, Green Rock Management Group, and I am convinced that the result will exceed expectations”.

Katerina Danekina, CEO of Green Rock Management Group, stated: "Today is an important day for both Evocabank and Green Rock. We are celebrating the official launch of Evocabank's new head office in Yerevan. With the signing of this Memorandum of Understanding, we are starting the next phase of the project, which is built on a strong partnership, effective collaboration, careful planning, and shared values. Evocabank has a clear vision for its new head office: to create a modern working environment that reflects the bank's identity, supports its employees, and contributes to the bank's future growth. We are proud to lead the execution of this project from concept to construction completion. It is a great honor for us to earn the trust of Evocabank's leadership, for which we express our sincere gratitude."

The event concluded with a symbolic ceremony marking the start of the project. A time capsule containing Evocabank’s new vision, the vision that forms the foundation of both the bank’s new headquarters and its future development, was placed at the construction site.

Rate.Trading Platform at Seaside Startup Summit: IDBank Introduces an Innovative Solution

Thu, 30 Jul 2026 16:58:00 +0400

The most fascinating ideas are not always created in offices. Sometimes, they emerge in tents, among discussions and numerous startups. This year, Seaside Startup Summit once again brought together hundreds of people around a single goal: creating tomorrow's technological solutions.

IDBank also presented its platform among the innovative solutions. On the Summit stage, Hmayak Avanesyan, Commercial Head of Rate.Trading, spoke about the platform's capabilities and introduced a new approach to foreign exchange trading in Armenia.

“Rate.Trading is a new foreign exchange platform in Armenia. It allows users to buy and sell nine types of currencies at favorable rates. The platform also enables both individuals and legal entities to submit their own exchange rate offers to the Bank, making conversion conditions more flexible and advantageous,” emphasized Hmayak Avanesyan, Commercial Head of Rate.Trading.

Rate.Trading offers a number of key advantages:

• Convenience: The platform allows users to select the best exchange rate currently offered and complete the transaction. Users can also submit their own preferred exchange rate, and once the request is fulfilled, the transaction with the Bank is executed automatically.
• 9 Currencies on a Single Platform: Transactions can be carried out in Armenian Dram, US Dollar, Euro, as well as British Pound, UAE Dirham, Chinese Yuan, Japanese Yen, and Swiss Franc.
• Security: Rate.Trading operates based on full integration with IDBank's digital infrastructure. Users simply register on Rate.Trading, securely sync their banking and trading accounts, and instantly perform foreign currency transactions.

With its simple interface, fully digital processes, and the support of a leading digital bank, Rate.Trading becomes a convenient tool for those seeking favorable exchange rates and valuing their time.

The bank is supervised by the CBA.