According To CBA, This Year Armenia’s GDP To Grow By 7-8%, Inflation

ACCORDING TO CBA, THIS YEAR ARMENIA’S GDP TO GROW BY 7-8%, INFLATION TO MAKE ABOUT 4%

Noyan Tapan

Jan 20, 2009

YEREVAN, JANUARY 20, NOYAN TAPAN. This year Armenia’s GDP will
grow by 7-8%, while inflation will make about 4%. Announcing these
forecasts of the Central Bank of Armenia (CBA) at the January 20
press conference, the CBA Chairman Arthur Javadian at the same time
said that the deflationary pressures are quite great and may affect
the economic growth of the country.

He assured those present that the government will take a number of
large-scale measures in this direction.

A. Javadian said that Armenia’s currency policy will not undergo
any changes, and the CBA will continue its policy of "floating"
exchange rates.

In his words, taking into account the the not very much favorable
situation in the international financial market and the global
financial crisis, today it is extremely important to maintain the
stability of Armenia’s financial system. The intervention of the CBA
in the currency market is conditioned by this fact. This intervention
will be temporary, but it is still unclear how long it will last.

A. Javadian denied the rumors that the CBA allegedly sold about 100
million dollars in January. Advising citizens to keep their savings
in the national currency, he noted that the Armenian commercial banks
establish higher interest rates for deposits in Armenian drams than
for those in foreign currency.

From: Emil Lazarian | Ararat NewsPress

http://www.nt.am?shownews=1011411

Emil Lazarian

“I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS