NO ECONOMIC CRISIS IN ARMENIA: CBA DEPUTY CHAIRMAN

news.am
Dec 29 2009
Armenia

There was no global crisis in Armenia as such, it merely impacted the
financial market, Armenian Central Bank (CBA) Deputy Chairman Vache
Gabrielyan stated at the December 29 press conference.

According to him, banking sector decently met the global crisis.

"Despite the dramatic decline in financial sector in H1 2009,
it successfully applied its financial capacity in H2, resulted in
increase of credit funds. I hail significant the fact that financial
sector was profitable for economy under the crisis," Gabrielyan said.

He also underlined that CBA shares government’s opinion, that the lack
of economy diversification as well as shadow economy is significant
for Armenia and impact the country’s economy.

"2009 was a year of macroeconomic stability. Despite dram’s
devaluation, the environment remained stable. International
organizations also outlined Armenia’s combat readiness to overcome
the crisis," CBA Deputy Chairman concluded.

From: Emil Lazarian | Ararat NewsPress