WHEN CBA CHAIRMAN WAS APPOINTED PRIME MINISTER, ARMENIAN ECONOMY SUFFERED A STROKE, ARTSVIK MINASIAN SAYS
Noyan Tapan
Nov 13, 2009
YEREVAN, NOVEMBER 13, NOYAN TAPAN. When the chairman of the
Central Bank of Armenia (CBA) Tigran Sargsyan was appointed prime
minister and the monetary policy was moved to the economic field,
the economy suffered a stroke. Member of the National Assembly’s
"ARF" faction Artsvik Minasian made this statement at the November
13 press conference. According to him, some newly-established body
rather than CBA should control the financial market.
Speaking about inflation recorded in the country in recent months, A.
Minasian pointed out the existence of monopolies as the first reason,
the absence of any mechanisms to counteract inflation within the
economy as the second reason, and the irresolution of the government
that fails to get rid of monopolies as the third reason for inflation.
Noting that inflation has already reached 5%, the NA deputy added
that although the government and CBA will start conducting a curbing
policy, it will be an artificial step.
As for the 2010 draft state budget discussed at the National Assembly,
A. Minasian said it is "just a budget to keep body and soul together"
and this document does not satisfy the requirements that the government
had originally set itself. The ARF representative reminded that
at the beginning of the global financial and economic crisis, the
Armenian prime minister expressed confidence that the crisis would
not do especial harm to Armenia, whereas now the authorities declare
that being a small country, Armenia felt at once the strong impact
of the crisis.