Armenia’s central bank prepared to face new crises, chairman says

02.11.2015 18:30
Armenia’s central bank prepared to face new crises, chairman says

YEREVAN, November 2. / ARKA /. Armenia's Central Bank is prepared to confront possible global crises, resulting from different geopolitical processes, Central Bank chairman Arthur Javadyan said on Monday during a discussion of the draft state budget for 2016 by National Assembly's standing committees.

"Of course, the developments in Ukraine, the war in the Middle East can not but affect our economy, as well as the global economy. However, we are prepared to face all crises that may result from various geopolitical processes," Javadyan said.

According to him, Armenia’s economic stability is affected largely by the situation in international financial markets, which continue to be unstable.

"Currency fluctuations are observed everywhere. Our partners and neighbours are involved in the conflicts in different regions. The unemployment rate in developed countries is still very high. Low commodity and oil prices have started affecting the Chinese economy, which, in turn, affects the economic situation across the world. All this, of course, can not fail to affect Armenia as well," he added.

The draft budget approved by the government on October 1, calls for 1 trillion and 373.7 billion drams in revenues and 1 trillion and 183 billion drams in spending. The projected deficit is 197 billion drams.

Some 95.4% of the revenues are to be collected as taxes and duties, and 2.6% and 2% as official grants and other income respectively.

The draft budget projects a 2.2% GDP growth, the 12-month inflation at 4% (± 1.5%) and the budget
deficit at 3.5% of GDP.   ($ 1 - 472.78 drams). -0-


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