{"id":89775,"date":"2015-07-17T12:23:51","date_gmt":"2015-07-17T12:23:51","guid":{"rendered":"https:\/\/armbanks.am\/2015\/07\/17\/243244\/"},"modified":"2024-12-15T13:19:08","modified_gmt":"2024-12-15T13:19:08","slug":"economist-armenian-central-banks-auditors-should-be-chosen-by-government-or-national-assembly","status":"publish","type":"post","link":"https:\/\/armbanks.am\/en\/2015\/07\/17\/89775\/","title":{"rendered":"Economist: Armenian Central Bank&#8217;s auditors should be chosen by Government or National Assembly"},"content":{"rendered":"<p><strong>YEREVAN, July 17. \/ARKA\/.<\/strong> The audit at the Central Bank of Armenia should be conducted by an organization chosen by the government or the parliament, Ashot Tavadyan, a professor at the Armenian State University of Economics, said on Friday.<\/p>\n<p>He finds it reasonable to empower the government or the National Assembly to choose an outside auditor to keep control over the foreign state debt.<\/p>\n<p>It is specified in the law on the Central Bank of Armenia that the regulator chooses an auditor thought such a practice is rare in the world.<\/p>\n<p>The central bank&#8217;s auditor was &#8216;PricewaterhouseCoopers Armenia&#8217; LLC (PwC) in 2013-2015 and before that KPMG and Grand Thornton International conducted audit.<\/p>\n<p>Tavadyan pointed out the refinancing rate as another problem. The regulator is free in forming its expenses, and this means that if expenses grow, the refinancing rate will rise.<\/p>\n<p>\u00abTherefore, if the expenses are under the government-chosen organization, motivation for keeping the refinancing rate at a high level will be connected only with retaining stability in prices, but not with seeking benefits,\u00bb the economist said.<\/p>\n<p>He said Armenia&#8217;s public debt amounts to $4.5 billion, of which around $450 million is the central bank&#8217;s debt. The country&#8217;s internal debt is $600 million and the government\u2019s debt is $3.5 billion.<\/p>\n<p>On June 22, the National Assembly of Armenia passed the government-proposed amendments to the public debt law.<\/p>\n<p>The government proposes to remove the central bank&#8217;s debt from &#8216;the public debt&#8217; concept.<\/p>\n<p>According to the National Statistical Service of Armenia, the country&#8217;s total public debt amounted to $4630.2 million in late May after shrinking 0.6% over one month. &#8211;0&#8211;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The audit at the Central Bank of Armenia should be conducted by an organization chosen by the government or the parliament, Ashot Tavadyan, a professor at the Armenian State University of Economics, said on Friday<\/p>\n","protected":false},"author":1,"featured_media":157156,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","tstyn_error":""},"categories":[9214,9216],"tags":[15837,15865,12828],"class_list":{"0":"post-89775","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-banks-en-en","8":"category-news","9":"tag-armenia-2","10":"tag-central-bank-2","11":"tag-economist"},"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/89775","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/comments?post=89775"}],"version-history":[{"count":0,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/89775\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media\/157156"}],"wp:attachment":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media?parent=89775"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/categories?post=89775"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/tags?post=89775"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}