Mon, 7 July
17.1 C
Yerevan
USD: 384.26 RUB: 4.88 EUR: 452.58 GEL: 141.37 GBP: 524.44

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

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Central Bank invalidated banking license of Ardshininvestbank due to its merger with Ardshinbank

The Board of the Central Bank of Armenia has revoked the banking license of Ardshininvestbank CJSC (formerly HSBC Bank Armenia CJSC) following its merger with Ardshinbank CJSC.

Unibank’s “Haghtanak” branch serves clients from 9:30 am to 7:30 pm

Unibank branch “Haghtanak” has switched to a new operating mode - extended hours. Now clients can receive a full range of banking services from Monday to Friday - from 9:30 am to 7:30 pm.The branch is located at N94, 62 Komitas, Yerevan. 

ADB forecasts inflation in Armenia at 3% in 2025 and 2.8% in 2026

The Asian Development Bank (ADB) forecasts inflation in Armenia at 3% in 2025, said Don Lambert, Director of the Bank’s Resident Mission in Armenia.

Armenian parliament approves annual report on execution of 2024 state budget

At a session on Thursday, the National Assembly of Armenia approved the annual report on the execution of the 2024 state budget.

LATEST NEWS

spot_imgspot_imgspot_img