HEAD OF CENTRAL BANK: ARMENIA ABLE TO RESIST OUTSIDE SHOKS
ARKA
Dec 29, 2009
YEREVAN, December 29. /ARKA/. Armenia’s economy is stable enough to
resist the shocks coming from the outside, Arthur Javadyan, chairman
of the Central Bank of Armenia said answering questions at an online
conference on
"At the initial stage of the crisis, we have managed to retain
stability at the financial system, effectively combining this objective
with the necessity to keep prices pegged," he said.
Thanks to special monetary, tax and budget policies, the economy
started rallying yet in August.
"This gives us ground for saying that our economy is stable enough
to resist outside shocks," Javadyan said.
He said it shouldn’t be forgotten that the recession has discovered
weak points of the national economy, such as low diversification,
insufficient institutions dealing with "long money", ineffective
competitive environment, poor inflexibility of prices and not so
attractive investment environment.
"These problems are waiting for prompt solutions," Javadyan said.