ArmenPress
Dec 10 2004

KOCHARIAN MEETS CENTRAL BANK COUNCIL MEMBERS

YEREVAN, DECEMBER 10, ARMENPRESS: Armenian president Robert
Kocharian’s press office said he had a working meeting today with
members of the Central Bank Council. It said “the focal topic of the
meeting was to sum up what the Bank has done in the outgoing year and
to discuss the current situation in the financial market.”
Kocharian was quoted as saying that the Central Bank is
experiencing now a very crucial moment with global shifts occurring
at the world’s financial markets, which “could not have failed to
have its impact on Armenia’s economy.”
Kocharian said it is very important for the Central Bank and the
government to adapt their moves and policies to global processes,
“but not to oppose them, as in that case Armenia would sustain only
damages.” According to Kocharian, Armenia may even gain if it carries
a flexible and correct policy. He said the Central Bank is the body
that is responsible for carrying out that kind of policy. “A great
deal depends on you,” Kocharian said, meaning members of the Council.
The president said Central Bank officials should have in view that
drastic fluctuations of hard currency exchange rates prompts
speculative deals in the financial markets, urging the Central Bank
to take a more resolute stand and act swiftly to foil them.
The president asked Council members to share their vision of
developments in the domestic financial market (the drastic decline of
US Dollar value against Armenia’s national currency-dram) and their
suggestions what can be done so that the government and people do not
sustain damages and also what can be done to take the opportunity of
a stronger dram in order to boost domestic production.
Kocharian’s press office said Council members presented the
situation in the financial markets and their views on how to
alleviate its aftereffects.

From: Emil Lazarian | Ararat NewsPress