YEREVAN, April 28, /ARKA/. The outstanding credit portfolio of Armenian commercial banks grew by 94 billion drams over the last three months, Armenia’s Central Bank governor Arthur Javadian said today after president Serzh Sargsyan’s meeting with chief executive of local commercial banks.

He described the rise as ‘unprecedented’ and said the growth from a year earlier rose to 34 billion Drams.

According to an ARKA analysis, based on banks’ financial reports for quarter one, as of March 31, 2001 their combined outstanding credit portfolio stood at 995.2 billion Drams, rising from 915.7 billion Drams from the beginning of the year.

In comments on inflation rates, Arthur Javadian said today some countries have chosen high inflation as an economic model, but he added that Armenia can not afford it and therefore, the government and the Central Bank will work to bring inflation down.

According to the National Statistical Service, the year-on-year inflation in 2011 March rose to 11.5%. In February it grew by 0.8% from January. The government has projected a 4% (±1.5%) inflation rate for 2011. . -0-