Tigran Sargsyan

Tigran Sureni Sargsyan (Տիգրան Սուրենի Սարգսյան; born 29 January 1960) is an Armenian political figure who was Prime Minister of Armenia from 2008 to 2014.

Tigran Sargsyan was born on 29 January 1960 in the city of Vanadzor, Armenian SSR.

He was still a child, when his family moved to Yerevan, where in 1967–1977 Sargsyan received his primary education at Yerevan Pushkin School No. 8.

Tigran Sargsyan entered Yerevan Technical College No. 14, which he finished in 1978.

The same year Sargsyan entered Yerevan Institute of National Economy, Faculty of Economy and Planning.

In 1980 he entered Leningrad Financial and Economic Institute after N. A. Voznesenskiy, from which he graduated in 1983.

In 1987 Tigran Sargsyan received his PhD at Leningrad Financial and Economic Institute, where he defended his thesis titled "Regional social-economic development planning on Armenia's example".

After receiving the PhD degree in economics he returned to Armenia in 1987 and became a senior researcher and head of the Group of International Economic Relations at the Research Institute of Economy and Planning of Armenia, where he worked until 1990.

From 1988 to 1993 he served as the chairman of the national council of young professionals and scientists.

From 1990 to 1991 he worked as a coordinator for the regular seminars on economic reform organized for the bankers.

Tigran Sargsyan was one of the founders of the party "National Democratic Union" in 1991.

In 1993–1995 Tigran Sargsian was elected as a member of the Supreme Council of the Republic of Armenia within "National Democrats" fraction headed by Shavarsh Kocharyan.

Sargsyan became chairman of the Standing Committee on Financial-Credit and Budgetary Affairs and was the youngest head of the chairman in the Parliament.

In this position he had a significant contribution to the conduct of Armenian Dram – national currency into circulation.

Despite the fact that he was the representative of the opposition in parliament, Sargsyan was appointed as a chairman of the Standing Committee on Financial-Credit and Budgetary Affairs of the Parliament of Armenia.

Together with the chairman of the Central Bank of Isaac Isaakyan and Finance Minister Levon Barkhudaryan, Tigran Sargsyan was appointed as a co-chairman of the State Commission for regulation of currency, created by the Supreme Council of the Republic of Armenia on 13 October 1993.

Commission adopted more than 20 important decisions and on 22 November 1993 Armenian dram – national currency was put in circulation.

Issued banknotes and coins had a nominal value of 10, 25, 50, 100, 200 and 500 drams.

In 1994 Tigran Sargsyan studied at the Faculty of "Law-making Activity," in the International Law Institute, Washington DC, USA.

From 1995 to 1998 he was the director of Scientific Researches Institute of Social Reforms.

From 1995 to 1998 he was the chairman of Armenian Banks Association.

In 1996–1997 he studied "Effective Banking Management" at Institute of Economic Development, World Bank, Washington, USA.

Previously he was Chairman of the Central Bank of Armenia from 1998 to 2008.

Sargsyan occupied the post of Chairman of the Central Bank of Armenia (CBA) from 3 March 1998 and was reelected by the Armenian National Assembly as CBA chairman for a second seven-year term on 2 March 2005.

As many as 92 MPs participated in the vote, of which 86 cast their vote for his candidacy.

On 3 March 1998 Tigran Sargsyan was elected the chairman of the Central Bank of Armenia, which significantly changed the situation in the banking sector of Armenia.

In particular, in that very year the international accounting standards were introduced.

From 1998 to 2008 his signature was depicted on the currency in Armenia.

In 1998 Tigran Sargsyan introduced the compulsory use of international accounting standards in Armenia.

Until 1998, the Armenian Soviet standards were used, and the reports did not meet the modern requirements.

The system still operates in Armenia up today.

In 1999 Central Bank of Armenia introduced a system of electronic payment, entitled CBA.NET.

This was a RTGS Payment System, and it automates the cash flow between the Armenian banks.

Until then, any transactions between the banks were made using paper handling.

The system operates in Armenia up today.

In 2001 Central Bank of Armenia introduced the National Payment System called ARCA (Armenian Card), which later began supporting local ARCA cards.

ARCA also became a platform for the operations of Mastercard, Visa, American Express and Diners Club, using a single processing center, technology and software solutions.

As a head of the Central Bank of Armenia Tigran Sargsyan initiated process of crystallization of banking sector from unfair business and crime.

In 2005, Sargsyan was re-elected as a chairman of the Central Bank, for the second term.

After leaving office as prime minister, he served as ambassador to the United States from 2014 to 2016 and as chairman of the board of the Eurasian Economic Commission from 2016 to 2020.