RUSSIAN EXPERT IN ARMENIA FORECASTS ECONOMIC STABILIZATION

ARKA
Apr 9, 2009

YEREVAN, April 9. /ARKA/. The economic situation will be stabilizing
in Russia during this year, because the hardest times are past,
said Larisa Tarankova, Chief Economic of the RF Central Bank.

"We hope that the situation will not grow worse. We will be able
to talk about economic growth in 2010," Tarankova told reporters in
Yerevan, where the work group of the Black Sea Economic Cooperation
Organization (BSEC) for Banking and Finance is holding its meeting.

She said that the RF Central Bank’s forecasts 2% economic growth this
year through international organizations, holding different opinions,
forecast negative or zero growth.

She reported that 5.5-5.8 per cent GDP growth was registered in Russia
last year against 8% in 2007.

Tarankova also reported that the current refinancing rate is 13%, which
has not been changed for a long time because of a high inflation rate –
around 13%. She pointed out that the RF Central Bank currently keep
the refinancing rate up and plans to reduce it after the inflation
rate goes down.

The work group of the Black Sea Economic Cooperation Organization
(BSEC) for Banking and Finance has met in Yerevan. The meeting is
being held with Armenia as BSEC Chairing Country and is to finish
work on April 10.

Among the participants in the 12-member work group’s meeting are
representatives o f Armenia, Russia, Bulgaria, Greece, Moldova,
Romania, Serbia, Georgia and Ukraine.