Lifting international sanctions may play a positive role for Armenian economy, told IMF Mission Chief to Armenia, Mark Horton, on March 24, concluding the visit of the mission to Armenia.

Widening the channel of communication with Iranian economy will have a “really terrific” impact for Armenia, told Horton. It is somewhat difficult to make exact predictions off hand, but at a rough estimate, one can expect increased activity in trade, investment, tourism, and services.

“it is going to have a profound effect across the border, but one shouldn’t expect that effects overnight. That impact will need some time to unfold”, he added.

Trade turnover between Armenia and Iran has totaled $293,5 mln in 2013 (4,9% of Armenia’s total external trade), somewhat less than $327,9 mln (5,8%) in 2012. Sanctions against Iran are currently leashing the existing trade potential, particularly in the energy sector. In particular, to avoid the ban on transactions with Iran, Armenia has been trading electricity for Iranian gas on a barter basis only.