Specifics of Special Account
According to information published on the official website of the Ministry of Finance of Nagorno-Karabakh, as of April 26 AMD 1 billion 933 million 582.5 thousand, USD 2 million 434.6 thousand, EUR 48.7 thousand and RUB 51 million 992 thousand have been transferred to NKR extra-budget account. Note, official statement on opening a special account was issued on April 4. Accordingly, transfers have been launched from the second half of the day. This means, within 23 days, on whole, AMD 3.5 billion has been transferred to Artsakh’s special account. This amount, as stated by Artur Aghabekyan, NKR Deputy Prime Minister, will be directed exclusively for acquisition of armaments. It’s another topic for discussion, whether the amount is much or little.
Surely, it’s not a sufficient amount to purchase good armaments. However, on the other hand, Armenians from all over the world supported and still continue supporting in form of goods; other accounts for other purposes are available as well. In the end, many people provide financial assistance directly to the families of killed or wounded soldiers, volunteers on the frontline. So, it’s not appropriate to touch upon the sum of money being big or small. Neither the amount transferred by individuals and organizations separately will be covered. Instead, general judgments will be made, which are not of less importance either.
As it’s observed from Figure 1, considerable share of the amount available on the account, i.e. 55%, is in Armenian dram. Relative density of transfers in US dollars comprise 33%, in rubles—11%, and in Euros—less than 1%. Surely, it’s impossible to clearly imagine a clear snapshot for the geography of transfers. For instance, from Russia it’s possible to transfer both in rubles and US dollars, as well as in Euros. The same is true for Armenia as well. However, everything is clear regarding Armenian dram—transfers are made only in the territory of the Republic of Armenia. This means, major part of the transferred amount has Armenian roots.
While considering not the transferred amount, but the number of transferers, this difference becomes more obvious. As of April 26, total number of transferers to NKR special account comprises 4814 individuals and organizations, 4179 of which (i.e. 87%) is in Armenian dram. Accordingly, participation from Armenia is much more. For instance, as of April 12 the number of people reacting to the call of Artsakh Parliament from Russian Federation was 30. This upset Artur Aghabekyan, NKR Deputy Prime Minister, who in his Facebook post told Armenians living in Russia—Artsakh people, living in Russia, people don’t understand you in Artsakh.
NKR Ministry of Finance launched publication of money transferred to the special account from April 7. In Figure 2, growth of the total amount deposited to the account for a particular day may be observed (cumulative). The Figure shows that, as of April 7 already AMD 1 billion has been accumulated to the account (by different exchange rates). This amount was rather intensively growing for about 10 days—until April 18. Then it slowed down.
It’s observed on the Figure by means of a curve, which sharply rises, then approaches to its horizontal shape. This means, the amount continues to grow, but not so considerably.
Daily growth is more vividly observed from Figure 3. It shows to which extent NKR special account has been grown (expressed in Armenian dram). Data for the days available and deals concluded are enshrined in the calculation.
In the period of April 4-7, as already mentioned, about AMD 1 billion has been transferred to the account. Although greater part of that amount—AMD 600 million, was transferred by Gazprom Armenia Company on April 4 (another AMD 600 million the company transferred to the Union of Freedom Fighters of Artsakh), may be averaged out, that in the period of the first 4 days, NKR special account has been supplemented by the average amount equal to AMD 250 million. In the forthcoming days, the account was added in average by AMD 21 million daily (except April 14, when AMD 432 million has been recorded).
From April 19 daily transfers have decreased. The amount of average daily transfers comprises about AMD 33 million.
To conclude, activation of transfers has weakened. Of course, AMD 3.5 billion, as compared to possibilities of Armenians spread all over the world, is an insignificant amount. And why more wasn’t transferred—it’s another point.
By Babken Tunyan
