HEAD OF CENTRAL BANK: ARMENIA RETAINS FINANCIAL STABILITY AVOIDING SHOCKS

ARKA
Dec 28, 2009

YEREVAN, December 28. /ARKA/. Armenia has managed to retain stability
at its financial system, avoiding shocks, Arthur Javadyan, chairman
of the Central Bank of Armenia, said Monday at a press conference.

He said that not a single financial institution has got support from
the government.

Unlike many developing and even developed countries, Armenia has done
it without state support for financial organizations.

Javadyan said that in July 2009, amid 18-percent economic decline, the
central bank started spurring the economy by pursuing its expansionary
monetary policy.

"The expansionary policy implied not only the lowering of interest
rate by 2.75 percentage points, but also another bailout move –
volumetric expansion," Javadyan said.