Sat, 19 July
28.1 C
Yerevan
USD: 383.74 RUB: 4.93 EUR: 450.05 GEL: 141.25 GBP: 521.81

Armenia came out of crisis with minimum losses–CB

YEREVAN, December 28. /ARKA/. “Armenia managed to come out of crisis with minimum losses”, said Artur Javadyan, Head of Central Bank of Armenia on Monday. The year 2009 was hard and contradictory year from economic point of view which allowed to detect strong and weak sides of Armenian economy, its priorities and achievements.

“It is difficult to disagree with the assessment of the government that absence of diversification and competition are the most serious challenges for Armenia. At the same time it is difficult to underestimate the investment of macroeconomic and financial stability in the provision of economic sustainability”, said Javadyan.

Pre-crisis achievements of macroeconomic policy allowed Armenia to quickly mobilize essential external and internal resources, maintain inflation atmosphere not hindering economic growth and stability of financial systems in creditability policy.

“In the conditions of decrease of global demand, decrease of prices and reduction of volumes of exported mining goods, as well as reduction of flow of transferts to Armenia, the economy of the country the first time in 14 years experienced decline”, he said. Impact of economic crisis in Armenia started from the forth quarter of 2008 creating serious challenges for the economy of the country. “Currently it is important to correctly assess advantages and deficiencies of Armenian economy, threats and possible impact of crisis for coming out of the situation with minimum losses. In general, we can say that Government of Armenia and Central Bank of Armenia could manage it”, said Javadyan.

According to the data of National Statistic Service of Armenia, in January-November 2009, GDP volume was reduced by 16% compared with the same period of 2008. –0—

spot_img

POPULAR

Euro falls by 1.14 drams against Armenian dram, as US dollar rises slightly

The average market exchange rate of the US dollar against the Armenian dram as of July 11, 2025, increased by 0.17 points compared to July 10 and amounted to 383.91 drams.

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

“We want the word ‘investor’ in Armenia to mean normality, not elitism” – Freedom Broker Armenia

ARKA news agency spoke with Freedom Broker Armenia Director Ovak Ovakimian about the transformation of investment thinking, company strategy and trust as an economic value.

Annual meeting of BSTDB Board of Governors to be held in Yerevan

The President of the Black Sea Trade and Development Bank (BSTDB) Serhat Köksal expressed his gratitude for hosting the annual meeting of the BSTDB Board of Governors in Yerevan during a meeting with Armenian Prime Minister Nikol Pashinyan on Tuesday.

In Armenia, bad loans worth over $1 million have been written off under the state support program – Ministry of Social Affairs

14,757 applications for writing off bad loans have been received in Armenia within the framework of the relevant state support program, which started on February 1, 2025.

LATEST NEWS

spot_imgspot_imgspot_img