CBA EX-CHAIRMAN CONCERNED ABOUT ARMENIA’S ECONOMIC SITUATION IN 2008

ARKA
July 4

Armenia’s economic situation is unfavorable this year, according to
Ex-Chairman of the Central Bank of Armenia (CBA) Bagrat Asatryan.

He believes the main reason for the economic regress was the country’s
unstable political situation.

The economic rates for the past 4-5 months, particularly the
exports-imports imbalance, leave much to be desired, the CBA
Ex-Chairman said.

"No serious changes have occurred in Armenia since the first-generation
reforms were carried out in the early 1990s," he added.

He believes interpersonal attitudes hamper the country’s economic
progress.

"For example, after the dismissal of the RA Customs Committee Head,
it suddenly turned out that the structure faces major problems and
is corrupt," Asatryan said.

He called on the authorities to reform the fiscal policy and social
sector.

Asatryan was quoted as saying: "It does not seem that the authorities
are concerned with the situation."

He was bewildered hearing that the country’s gold reserves were put
up for sale in 2003. He denied these rumors, saying he takes them as
an offence, as he was one of the founders of Armenia’s gold reserves.