INTERNATIONAL FINANCIAL CRISIS WILL NOT AFFECT ARMENIAN ECONOMY CONSIDERABLY, VARDAN BOSTANJIAN SAYS

Noyan Tapan
Oct 23, 2008

YEREVAN, OCTOBER 23, NOYAN TAPAN. The international financial crisis
has not yet affected the Armenian economy but there will be some
impact, member of the parliamentary "Prosperous Armenia Party" (PAP)
faction Vardan Bostanjian said at the October 23 press conference. In
his words, the impact of the crisis on the country’s economy will not
be considerable because insurance, capital and venture fund markets
has not formed yet in Armenia.

In his opinion, there will be a decline in the amount of foreign
remittances that amount to about 3 billion dollars a year, as a result
of which less money will enter the consumer market which in its turn
will affect the activity of Armenia’s economy.

The deputy said that one of the ways of overcoming the financial
crisis is that in conducting its economic policy, the state should
become a partner of economic entities, whereas now the state policy
impedes domestic producers.