YEREVAN, May 4. / ARKA /. The Central Bank of Armenia (CBA) said today its Board has approved CBA’s Money and Credit Policy Program for the second quarter of 2011.

The Money and Credit Policy Program for the first quarter of 2011 approved in early February predicted a 4.1%-5.7% economic growth in 2011. The value added growth in the construction sector was predicted to rise by 2-4%, due to increased construction in energy, agriculture and transport and communications sectors.

The Central Bank predicted also a 3.5-5.5% growth in services sector due to anticipated rise in government and private expenditures. The agriculture was said to grow by 7-9% due to growth in cattle breeding and plant cultivation. The Central Bank’s inflation forecast was 5.5-7.5%, above the maximum level of 4% (±1,5%) targeted by the Armenian authorities. -0-