ARMENIAN PARLIAMENTARIANS TOUGHEN RESPONSIBILITY OF ECONOMIC ENTITIES FOR UNREASONABLE RISE IN PRICES
ARKA News Agency, Armenia
Dec 17 2007
YEREVAN, December 17. /ARKA/. Armenian parliamentarians toughen the
responsibility of economic entities for the unreasonable rise in
prices for consumer goods.
When presenting the package of amendments to the Law "On protection of
economic competition" Gagik Minasyan, Chair of the Standing Committee
on Financial-Credit, Budgetary and Economic Affairs of the National
Assembly of Armenia, said that it is envisaged mainly to toughen
sanctions for unreasonable rise or fall in prices.
"If at present the State Commission on the Protection of Economic
Competition (SCPEC) imposes fines on economic entities within 2% of the
profit gained, after the amendments come into force it is envisaged
to authorize the SCPEC with the right of transferring the groundless
profit of the violators to the country’s state budget," he said.
Minasyan said that thus the economic entities will be deprived of
the profit from unreasonable rise, fall or maintenance in prices.
He also pointed out that the elaboration of the package of amendments
was accounted for by the recent unreasonable rise in consumer prices
in Armenia.
"It should be taken into account that Armenia belongs to those
countries the markets of which have dominating entities. This package
of amendments to laws is called to regulate their activity," he said.
4.1% inflation is recorded by the group of goods "animal and vegetable
fats" in November 2007, which is a result of rise in price for
margarine by 9.5% and vegetable fat by 6.5%. Prices for butter rose
by 3.3%.
The inflation on the group "grain products" totaled 2.7% accounted
for by rise in price for flour by 5.1%. In November, prices for bread
rose by 1.3%. Grained sugar became cheaper by 7.4% in November.
The climax of rise in prices in Armenia was recorded in October 2007
when, according to the National Statistical Service, 3% inflation was
recorded as compared to December 2006. The trend of rise in prices
for bread, flour, butter and vegetable oil continued in the country
in October and totaled 13.5%. In October the rise for bread totaled
7.4%. From the beginning of the year, the rise in prices for bread
and flour totaled 23.8% and 28.9%, respectively.
According to the state budget, the inflation in Armenia is planned at
the level of 4% (±1,5%) by the end of 2007. Earlier Chairman of the
Central Bank of Armenia Tigran Sargsyan announced that the inflation
in Armenia in 2007 will total 7%.
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