ULP LEADER: INFLATION – NUMBER ONE PROBLEM FOR ARMENIA’S ECONOMY

Arka News Agency, Armenia
Oct 18 2006

YEREVAN, October 18. /ARKA/. Inflation was the number one problem for
the economy of Armenia, on Tuesday leader of the United Labour Party
(ULP) Gurgen Arsenyan told journalists in Yerevan.

"Our party practically ignores weakening of USD, since the inflation
"eats up" much more funds of the population, than the notorious
"strengthening" of AMD", he emphasized.

Arsenyan finds that lately inflation has been galloping in the
republic, which gets no adequate reaction of the government and
sturctures, responsible for this sphere.

He said that recently growth rate of the inflation has 2 times
increased, leaving behind the 3% limit, envisaged by the CBA.

"It should have been admitted long ago that the CBA is not capable
of controlling inflation in the country, taking into count the recent
rise in prices in Armenia", he pointed out.

Arsenyan said that ULP had thrice 3 proposed a bill on measures
preventing the inflation in the RA parliament, which got no proper
feedback of the majority of MPs.

According to the data of the RA National Statistics Service, in
Inflation made 2,3% in September 2006, against December 2005. In
September 2006, the index of consumer prices made 105,9%, compared to
September 2005 in Armenia. As at January-September 2006, in Armenia
index of consumer prices made 102%, against January-September 2006.

According to the state budget, in Armenia inflation is envisaged at
3% level in 2006. Meantime by the end of September the RA government
approved a proposal on moving amendments to the Ra Law On the RA State
Budget for 2006, at that proposing the CBA to support the inflation
at 5% level (±1,5%) in December, as compared to similar period in
2005.

–Boundary_(ID_wOF85V2xmRe5Sy8/fO0kUg)–