DEPUTY CHAIRMAN OF ARMENIAN CENTRAL BANK: ARMENIA MAY PRESERVE THE LOWEST INFLATION LEVEL IN THE REGION

ArmInfo
2009-03-04 17:06:00

ArmInfo. Armenia may preserve the lowest inflation level in the
region, Deputy chairman of Armenian Central Bank, Vache Gabrielyan,
told journalists, Wednesday.

He also added taking into account the currency rate changing prices
of the goods imported to Armenia will also change, but it will
depend on several factors, such us tendencies of the world prices
for a certain good, the competition level at the local market as
well as their possible affecting the market. "Taking into account
the expectations because of correction of the currency policy as
well as raising in price of energy products Central Bank predicts 8%
inflation", – Gabrielyan said and added that Armenia has quite low
inflation corridor.

Speaking about the inflation pressure he said that Central Bank is
going to neutralize it by means of instruments of the monetary policy
including interest rates and regulation of the money supply. "We
hope that because of effectiveness of the policy conducted by us
in the conditions of dollarization we shall be able to reach the
desired result. Anyway, according to the results of 2008 Armenia had
the lowest inflation level in the region. At present if compared
with other countries, inflation in Armenia is still on quite low
level. And we shall be able to remain the country with the lowest
inflation level in the region", – Gabrielyan said.

According to the data of Armenian National Statistics Service, in
2008 if compared with 2007 the lowest level of consumer prices index
was fixed in Armenia among the CIS countries – 117%.

To recall, 5,2% inflation was fixed in January-December 2008 at the
consumer market of Armenia. In February 2009 1,8% deflation was fixed
in Armenia.