YEREVAN, May 30. /ARKA/. Cash outflow from Armenia dwindled by 20% in the first quarter of this year, Tatul Manaseryan, an economist and the head of Alternative analysis center, said Wednesday in Novosti International Press Center.
“New trends of capital flight may emerge in the future, but now we see no grounds for it,” he said referring to experts’ data.
The Central Bank of Armenia says individuals in Armenia transferred $167 million abroad via the country’s banks in the 1st Q 2012 – 3.6% year-on-year growth.
Manaseryan said that the slowdown in cash outflow shouldn’t be taken as a reason for relaxation.
“It is necessary to improve investment environment to make it attractive for local investments,” he said.
If Armenia’s residents don’t invest money in own economy, he said, investments from the outside will be politicized.
“We are in need of mechanisms of effective utilization of local resources,” the expert said.
Earlier, Olivier Descamps, EBRD Managing Director for Turkey, Eastern Europe, Caucasus and Central Asia, said that investment climate in Armenia has improved a great deal thanks to the government-taken measures, such as expansion of the antitrust agency’s powers, simplification of business registration procedures and cooperation with SME. ($1 – AMD 406.75). -0-
