MEDIAMAX AGENCY, ARMENIA OCT 29 2007 CB HEAD STATED THE NECESSITY TO CONTROL THE GROWTH OF PRICES AGAINST THE BACKGROUND OF THE GROWTH OF EXTERNAL INFLATION PRESSURE

Mediamax
Oct 29 2007

Yerevan, October 29 /Mediamax/. The draft state budget-2008 has social
orientation, the Chairman of the Central Bank of Armenia (CB) Tigran
Sarkisian stated in Yerevan today.

Mediamax reports that the CB Head stated that the Armenian government
has considerably increased the expenditures for social needs. At that
he noted the necessity to control the growth of prices, especially
against the background of the external inflation pressure. "It is not
a secret for anyone that there is a quite complicated situation in the
world markets, which the European Central Bank and the Federal Reserve
System of the USA are trying to overcome", Tigran Sarkisian stated. He
noted that in 2008, the Armenian CB will withstand inflation threats
and regulate the level of prices, using monetary policy tools. "The
Armenian government, in its turn, should control the markets to secure
fair and competitive price formation", Tigran Sarkisian stressed.