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IMF Welcomes Prudent Monetary-Credit Policy Of CBA

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  • IMF Welcomes Prudent Monetary-Credit Policy Of CBA

    IMF WELCOMES PRUDENT MONETARY-CREDIT POLICY OF CBA

    Noyan Tapan
    Dec 13 2006

    YEREVAN, DECEMBER 13, NOYAN TAPAN. The IMF Executive Board welcomed
    the prudent monetary-credit policy of the Central Bank of Armenia (CBA)
    that aims to maintain price stability. Nienke Oomes, IMF Yerevan Office
    Resident Representative, stated this during the December 13 press
    conference. According to her, the IMF Executive Board also approved
    the floating exchange rate policy that the CBA has conducted for the
    same purpose. N. Oomes said that the CBA's intervention in the foreign
    currency market to smoothen sharp fluctuations without setting a target
    level of exchange rate was also assessed positively. The IMF Executive
    Board takes the view that resisting nominal appreciation pressures
    may lead to high inflation, which may have a negative impact on the
    vulnerable groups of the population and the economic growth. According
    to the IMF, there is no definite evidence of the Armenian dram's
    being overvalued, while the best way to resist the danger posed to
    competition is to conduct a policy of promoting productivity growth,
    including improvement of the business environment and encouragement
    of competition.
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