TIGRAN SARGSYAN WAS ONCE AN OPPOSITION REPRESENTATIVE

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[04:46 pm] 21 November, 2006

Today Tigran Sargsyan, head of the Central Bank, recalled a few
episodes from 1993 when the Armenian currency-the dram, was introduced.

"At that time I was an Opposition representative and was the head
of Financial-Budgeting Committee of the Supreme Council. It was the
coldest and the hardest year in the history of Armenia. The authorities
gave us the Reception hall of the RA Government but there was no light.

We turned to Levon Ter-Petrosyan and soon were moved to the president’s
residence. Both Levon Ter-Petrosyan and Interior Minister Vano
Siradeghyan rendered us great assistance", remembers Mr. Sargsyan.

Today Tigran Sargsyan was among the guests of "Urbat" club who were
to comment on the thirteen years of the dram introduction.

Isahak Isahakyan, former director of CB and Levon Barkhudaryan,
ex minister of Finance were also invited to the club.

The inflation obvious in the first stage of the dram introduction was
determined by a number of objective reasons in the guests’ words. "The
external reserves of the country were vacant. The Government had
700 thousand USD 500 thousand of which they gave to us", recalls
Mr. Sargsyan.

Isahak Isahakyan underlined the fact that "Russia lulled Armenia by
saying that we should soon enter the ruble zone. But soon Armenia
realised that there was no point in trusting Russia".

At the end of the discussion the guests recalled the time when Armenia
became independent and the first struggle for freedom.