PanARMENIAN.Net

Former RA CB head: 2009 will be a hard year
12.03.2009 18:19 GMT+04:00

/PanARMENIAN.Net/ `Devaluation of national currency is a price to pay
for liberalization,’ Armenian National Congress Representative, CBA
ex-Chairman Bagrat Asatryan said on Thursday.

He stressed that dram exchange rate control policy required
significant funding and was advantageous to many importers. According
to official data, AMD400 million was all that remained from AMD11,605
million state budget by the end of January.

According to Asatryan’s forecasts the year 2009 will be a hard one:
public service tariffs raise, reduction of transfers, unemployment
will create a serious situation in Armenia. If no system changes are
introduced, the consequences of crisis will be strongly felt in spring
2010.