YEREVAN(Noyan Tapan)– "The first six months of 1998 can be described as a period of creation of necessary prerequisites for the development of the securities market," explains the statement of the Ministry of Finance and Economy–describing Armenia’s economic situation in 1998. During this period bonds with an average annual yield of 40.6% totaling 17.92 billion drams were placed. During the corresponding period last year they made up 14.485 billion drams and 61% respectively.
During the first six months of 1998–the bank system got 46.614 million drams from residents–which is 41% as much as last year. The bank system issued a credit worth 58.226 million drams–which exceeds the corresponding index of the last year by 20.4%. The considerable decrease in the economy’s cash-deposits ratio also testifies to the development of the bank system.
"Despite the positive changes–the capital market does not play an active role in ensuring investmen’s–restoring and reconstructing the material production." adds the statement. In 1996 nine enterprises had the right to participate in the auctions of the Yerevan stock exchange–in 1997 — 50 enterprises–in the first six months of 1998 — 70 enterprises. In 1997 the market’s general capitalization made up 1239.2 million drams–in the first half of 1998 it made up 7881.7 drams. In 1997 the market’s capitalization structure was as follows: financial segment — 57.8%–industrial segment — 33.1%–service segment — 9%. In the first half of 1998 the share of the industrial segment increased by 3.7%–and that of the financial segment decreased by 0.9%.