Armenian Opposition Slams Central Bank’s New Currency Policy

ARMENIAN OPPOSITION SLAMS CENTRAL BANK’S NEW CURRENCY POLICY

Mediamax
March 4 2009
Armenia

Yerevan, 4 March: The opposition Armenian National Congress (ANC)
has described as "state crime" the decision of CB [Central Bank]
to return to the policy of floating exchange rate and imposed the
entire responsibility for taking the people to "a social catastrophe"
on "the criminal and illegal authorities".

Mediamax reports that ANC statement stresses that the opposition had
been urging the authorities in the course of the recent few months
to renounce the policy of fixed exchange rate, however the latter was
realizing "criminal and short-sighted policy of serving the interests
of oligarch importers".

The statement reads that in the course of the recent four to five
months, the authorities used 800m dollars from external currency
reserves of Armenia to support the exchange rate, and those means
"have fully entered the pockets of a couple of dozens of oligarchs
and officials".

ANC made a number of proposals on coming out of the present
situation. The statement reads that in conditions of the crisis,
one should first of all cut down tariffs for utility services (gas
and electricity), increase transparency of activity by governmental
bodies on regulating public services and strengthen control over
gaining super-profits.

ANC also proposes to increase the standard of deposit guarantee from
2m to 5m drams [between about 5,000 – 13,500 dollars] to prevent
deposit outflow from the banking system".