Tigran Sargsyan facts for kids

Quick facts for kids Tigran Sargsyan
Տիգրան Սարգսյան
Sargsyan in 2016
Chairman of the Board of the Eurasian Economic Commission
In office 1 February 2016 – 1 February 2020
Preceded by	Viktor Khristenko
Succeeded by	Mikhail Myasnikovich
Armenian Ambassador to the United States
In office 15 July 2014 – 12 January 2016
Preceded by	Tatoul Markarian
Succeeded by	Grigor Hovhannissian
12th Prime Minister of Armenia
In office 9 April 2008 – 3 April 2014
President	Serzh Sargsyan
Preceded by	Serzh Sargsyan
Succeeded by	Hovik Abrahamyan
3rd Chairman of the Central Bank of Armenia
In office 3 March 1998 – 9 April 2008
President	Robert Kocharyan
Preceded by	Bagrat Asatryan
Succeeded by	Arthur Javadyan
Personal details
Born	(1960-01-29) 29 January 1960 (age 65) Kirovakan, Armenian SSR, Soviet Union (now Vanadzor, Armenia)
Political party	Republican Party
Alma mater	Leningrad Institute of Economics and Finance

Tigran Sureni Sargsyan (Armenian: Տիգրան Սուրենի Սարգսյան; born 29 January 1960) is an Armenian political figure. He served as the Prime Minister of Armenia from 2008 to 2014. Before that, he was the Chairman of the Central Bank of Armenia from 1998 to 2008. After being prime minister, he worked as Armenia's ambassador to the United States from 2014 to 2016. He then became the chairman of the board of the Eurasian Economic Commission from 2016 to 2020.

Early Life and Education

Tigran Sargsyan was born on 29 January 1960 in Vanadzor, which was then part of the Armenian SSR. His family later moved to Yerevan, where he attended school from 1967 to 1977.

College and University Studies

After finishing technical college in 1978, Sargsyan studied at the Armenian State University of Economics. In 1980, he moved to the Saint Petersburg State University of Economics in Russia, graduating in 1983.

Advanced Degrees and Further Training

In 1987, Tigran Sargsyan earned his PhD from the Saint Petersburg State University of Economics. His research focused on planning social and economic development in regions, using Armenia as an example. He also studied law-making in Washington, D.C., in 1994. From 1996 to 1997, he learned about effective banking management at the World Bank Institute in Washington.

Beginning His Career

After getting his PhD, Tigran Sargsyan returned to Armenia in 1987. He worked as a senior researcher at the Research Institute of Economy and Planning. From 1988 to 1993, he led a national council for young professionals and scientists. He also helped organize seminars on economic reform for bankers from 1990 to 1991.

Political Journey

Tigran Sargsyan was one of the people who helped start the "National Democratic Union" party in 1991.

Role in Parliament

From 1993 to 1995, Sargsyan was a member of the Supreme Council of the Republic of Armenia. He was the youngest head of a committee in Parliament, leading the Standing Committee on Financial-Credit and Budgetary Affairs. He played a big part in introducing the Armenian dram, Armenia's national currency.

Introducing the National Currency

Even though he was part of the opposition, Sargsyan was chosen to lead the Financial-Credit and Budgetary Affairs Committee. He worked with the head of the Central Bank and the Finance Minister to create a State Commission for currency regulation. This commission made important decisions, and on 22 November 1993, the Armenian dram was put into use. The first banknotes and coins had values from 10 to 500 drams.

Later Activities

From 1995 to 1998, he was the director of the Scientific Researches Institute of Social Reforms. He also chaired the Armenian Banks Association during this time.

Chairman of the Central Bank (1998–2008)

Tigran Sargsyan became the Chairman of the Central Bank of Armenia on 3 March 1998. He was re-elected for a second term in 2005. During his time, he made many changes to Armenia's banking system. His signature appeared on Armenian currency from 1998 to 2008.

New Accounting Rules

In 1998, Sargsyan made it mandatory to use international accounting standards in Armenia. Before this, Armenia used older Soviet standards. These new rules helped make financial reports clearer and more modern.

Electronic Payment System

In 1999, the Central Bank of Armenia launched CBA.NET, an electronic payment system. This system made it faster and easier for banks to transfer money to each other. Before this, all transactions were done with paper.

National Payment System

In 2001, the Central Bank introduced ARCA (Armenian Card), a national payment system. ARCA helped local cards work and also supported international cards like Mastercard, Visa, American Express, and Diners Club through one central system.

Making the Banking Sector Safer

From 2002 to 2004, Tigran Sargsyan worked to make the banking sector safer and more trustworthy. New laws were passed to prevent unfair business practices and money laundering. As a result, some banks and organizations that were not following the rules were closed. This helped ensure that citizens' deposits were returned. By 2004, the banking system was much stronger.

New Licensing System

In 2002, Armenia updated its licensing laws. This meant that more financial organizations, like those handling money transactions or card payments, needed special licenses to operate.

Deposit Insurance System

In 2004, Sargsyan helped create a law for compulsory insurance for citizens' deposits. Based on this law, a fund was set up in 2005 to refund deposits to citizens if a bank failed. This fund was supported by contributions from all banks.

Financial System Regulator

On 1 January 2006, Armenia combined the supervision of banks, insurance companies, and the stock market into one system. This "mega-regulator" was managed by the Central Bank of Armenia. This change helped ensure the overall stability of Armenia's financial system.

Inflation Targeting Policy

In 2006, under Sargsyan's leadership, new rules were adopted to help the Central Bank manage inflation. This involved setting targets for how much prices should change and regularly sharing information about the bank's money policies.

Insurance Law

In 2007, a new "Law on Insurance and Insurance Activities" was adopted. This law was created with help from the European Union to improve how insurance works in Armenia.

Prime Minister (2008–2014)

On 9 April 2008, Tigran Sargsyan became the Prime Minister of Armenia. He took over from Serzh Sargsyan, who had become president. His new government, with 18 ministries, started working on 22 April.

Facing Economic Challenges

Soon after Sargsyan became prime minister, the Russo-Georgian War affected Armenia's economy. Armenia relies on imports from Georgia, and the conflict caused difficulties. The next year, the 2008 financial crisis also hit Armenia, causing a 14.1% drop in the country's economic output. The construction sector was especially affected.

Sargsyan explained that a "housing bubble" had burst, causing problems. He also said Armenia needed to make its economy more diverse. Other issues included less money coming from abroad and lower prices for raw materials that Armenia exported.

Government's Anti-Crisis Plan

On 12 November 2008, Tigran Sargsyan presented a plan to deal with the economic crisis. This plan included:

• Tax Reform: Making tax rules simpler.
• Customs Reform: Making customs procedures easier.
• Better Business Environment: Making it simpler to start new businesses.
• Infrastructure Development: Building roads and improving electricity and energy supply.
• Construction Support: Helping property developers with state guarantees and subsidies.
• Real Sector Promotion: Supporting businesses with investments and loans.
• Social Projects: Helping people through various social programs.

Supporting Businesses

In the years that followed, the government supported businesses. A special committee helped choose and support successful business projects. This led to a significant growth in industrial production in 2010 and 2011. It also helped prevent many job losses and increased the number of industrial businesses.

Infrastructure Projects

As part of the anti-crisis plan, many infrastructure projects were carried out across Armenia. This included building roads, schools, and hospitals. By 2011, a lot of work had been done on water systems, including building drinking and irrigation water lines, pumping stations, and reservoirs. This helped about 500 communities and 700,000 people.

Social Programs

Sargsyan's government also supported social programs. A special mortgage system was set up for young families, and a "social package" was created for state workers. The government also reviewed social pension lists, ensuring that those truly in need received support and removing incorrect entries. The basic pension level was also increased.

North-South Highway Project

Starting in 2008, Tigran Sargsyan's government began talks with the Asian Development Bank to fund a major highway. This highway, called the North-South Highway, would connect the north and south of Armenia, linking Iran to Georgia. The project aimed to build a 556 km, 4-lane highway. The first contracts for construction were signed in 2009 and 2011.

Developing Electronic Government

Tigran Sargsyan, as Prime Minister of Armenia

Tigran Sargsyan's government started a program to develop electronic government. Experts from Estonia, known for their e-government systems, were invited to help. This included launching electronic document flow in places like the Yerevan Municipality and the Central Bank of Armenia. This system allowed citizens to track their applications and see how the government was spending money.

Road Construction

The government increased spending on road building. They completed 1576.9 km of roads and 60 bridges, which was twice the amount built in the previous decade.

Energy Sector Improvements

In April 2010, a new energy block was launched at the Yerevan Thermal Power Plant, built with support from Japan. This made the plant more efficient. Many small hydropower stations were also built, producing more electricity. In January 2012, a new energy block was launched at the Hrazdan Thermal Power Plant. A new high-voltage electric line connected Armenia and Iran, and an alternative gas pipeline was also built between the two countries.

Air Travel Improvements

Significant investments were made in Armenia's air travel sector. The Zvartnots International Airport was modernized, and a new building was constructed. Shirak Airport, Armenia's second-largest airport, was also updated.

Telecommunication Changes

During Sargsyan's time, a third mobile operator, Orange Armenia, entered the market. Conditions were also created for a third internet provider to enter Armenia. These changes helped break up monopolies and led to a big drop in internet prices. The number of internet and mobile phone users increased significantly.

Business Environment Reforms

In June 2008, a government program was adopted to improve the business environment. This included reforms in taxation, international trade, and starting or closing businesses. These changes made it much faster to register new companies and reduced the number of tax reports businesses needed to fill out. It also cut down the time and steps needed to get building permits.

Key Achievements

Some of the major reforms initiated by Tigran Sargsyan's government included:

• Reforming cash machine systems.
• Developing e-government services.
• Launching a social package for state workers.
• Reforming compulsory car insurance.
• Making several changes to tax policy.
• Creating two tax-free zones in Armenia.
• Introducing electronic signatures.
• Starting the construction of the North-South highway.
• Introducing a tax-free system for start-up businesses.
• Implementing a compulsory pension system.

Some of these reforms, like the compulsory car insurance and pension system, faced public discussion. The pension reform plan was later reviewed by the Constitutional Court.

Resignation

Tigran Sargsyan announced his resignation on 3 April 2014. He had offered to resign a month earlier but was asked to stay until a court ruling on his pension reform plan. The Constitutional Court later ruled that parts of the mandatory pension reform law needed to be changed to fit Armenia's basic law.

Ambassador to the United States (2014–2016)

On 26 June 2014, Tigran Sargsyan was appointed Armenia's ambassador to the United States. He received the highest diplomatic rank for an ambassador. He began his role on 15 July, and President Barack Obama formally accepted his credentials. During his time as ambassador, Armenia's president visited the U.S. three times.

Sargsyan actively participated in international discussions on economic policy and cooperation. He spoke about Armenia joining the Eurasian Economic Union, explaining that it was for both economic and security reasons. He believed Armenia could be a bridge for cooperation between East and West. He also attended economic forums in Astana and St. Petersburg. On 12 January 2016, he left his ambassador position to take on a new role.

Head of the Eurasian Economic Commission (2016–2020)

On 16 October 2015, leaders of the Eurasian Economic Commission member states announced that Tigran Sargsyan would be the next chairman of the Commission. He officially started this position on 1 February 2016. As chairman, he led the Commission, which works on economic cooperation among its member countries.

Personal Life

Tigran Sargsyan is married and has three children: a daughter named Narine and two sons, Abgar and Markos. He also has three grandchildren.

See also

In Spanish: Tigran Sargsián para niños