Head of Central Bank: Armenia able to resist outside shoks

YEREVAN, December 29. /ARKA/. Armenia’s economy is stable enough to resist the shocks coming from the outside, Arthur Javadyan, chairman of the Central Bank of Armenia said answering questions at an online conference on www.armbanks.am.

“At the initial stage of the crisis, we have managed to retain stability at the financial system, effectively combining this objective with the necessity to keep prices pegged,” he said. 

Thanks to special monetary, tax and budget policies, the economy started rallying yet in August. 

“This gives us ground for saying that our economy is stable enough to resist outside shocks,” Javadyan said. 

He said it shouldn’t be forgotten that the recession has discovered weak points of the national economy, such as low diversification, insufficient institutions dealing with “long money”, ineffective competitive environment, poor inflexibility of prices and not so attractive investment environment. 

“These problems are waiting for prompt solutions,” Javadyan said. -0---