Armenian leader urges Central Bank not to oppose “global change”

Mediamax news agency
10 Dec 04

YEREVAN

Armenian President Robert Kocharyan has called on the Central Bank to
act “decisively and quickly” to prevent speculation in Armenia’s
financial market caused by fluctuations in the rate of the dollar
against the national currency.

Robert Kocharyan said this at a meeting with members of the Central
Bank’s council today, Mediamax reports.

The head of state pointed to an “extremely important stage in the work
of Armenia’s Central Bank” because the world’s financial markets are
undergoing a “global change” that could not but affect the Armenian
economy.

Robert Kocharyan said it is important for the Central Bank and the
Armenian government to adapt their policies and actions to world
processes instead of trying to oppose them “because in that case, we
will only lose”. The Armenian president said “the right and flexible
policy will even enable us to win”.

“The Central Bank is the body immediately responsible for the
country’s financial and credit policy, and a lot depends on you,” the
Armenian president said.