Sun, 6 April
6.1 C
Yerevan
USD: 391.22 RUB: 4.63 EUR: 431.28 GEL: 142.08 GBP: 508.39
spot_img

Central bank chairman names reasons behind 2018 growth

YEREVAN, June 5. /ARKA/. According to the chairman of the Central Bank of Armenia Artur Javadyan, the fiscal policy of the country in 2018 was based on the new rules, in which the main emphasis was placed on balancing the stability of the national debt, which suggests in turn cuts on public debt and the budget deficit.

Speaking in parliament today he said these were the main reasons securing economic growth last year, when the government revised its spending in a bid to improve its efficiency. The move enabled to reduce the state budget deficit and the domestic demand.

Javadyan cited the Ministry of Finance, which say the fiscal policy in 2018 was restrained because of revenues and expenditures. He said the Central Bank responded to the restrained fiscal policy by a stimulating monetary policy, maintaining low interest rates.

In his words, low interest rates and credit growth enabled to partially neutralize the decline in demand. As a result, economic growth in 2018 was mainly influenced by high growth in private spending (10.3%), restrained fiscal policy, a slowdown in domestic demand and a weakening external inflation. Local inflation rate in 2018 was 1.8%, he said.

Javadyan noted also that the reduction of the budget deficit, of the shadow sector, changes in expenditure policy had a positive effect on debt and macroeconomic stability, as well as on improving the economic environment. -0-

spot_img

POPULAR

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Arka news agency’s ranking of most profitable Armenian banks in 2019

In 2019, Armenia-based commercial banks earned a total of 78.8 billion drams in net profit, up from 56.4 billion drams they had earned in 2018, according to ARKA news agency's ranking of the most profitable commercial banks in the fourth quarter of 2019

Top ten Armenian banks by size of lending in 2019

In 2019, the overall loan portfolio of Armenia's banking sector grew by 16.4% to 3.572.2 trillion drams

Ranking of Armenia’s most profitable banks in 2024

ARKA news agency has released a ranking of the most profitable commercial banks in Armenia in 2024.

LATEST NEWS

spot_imgspot_imgspot_img