No threat of default- deputy central bank chairman says

07.02.2017 19:12
No threat of default- deputy central bank chairman says

YEREVAN, February 7`. /ARKA/. Armenian Central Bank’s deputy chairman Nerses Yeritsyan has shrugged off today allegations by Hrant Bagratyan, a lawmaker from the oppositional Armenian National Congress (HAK) that Armenia has approached the verge of default.

Speaking to parliament Yeritsyan said neither Armenia’s banking system nor the economy face the threat of default, which he said is evidenced by international experts. Yeritsyan noted that various independent international rating agencies have repeatedly made their estimates of the economic situation in Armenia and none forecasted default.

The latest of them was by Fitch Ratings that affirmed Armenia’s long-term Issuer Default Rating (IDR) in foreign and local currency ratings at 'B +'. The outlook remains unchanged - Stable.

According to official statistics, Armenia’s total public debt amounted to about $5.9 billion by the end of 2016, including internal and external public debts estimated at about $5.4 billion (54% of GDP) and about $503 million debt of the Central Bank.

According to forecasts of the Ministry of Finance, in 2017 the country’s total public debt will reach $6.25 billion. -0-


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