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CBA Ex-Chairman Lashes Out At Government

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  • CBA Ex-Chairman Lashes Out At Government

    CBA EX-CHAIRMAN LASHES OUT AT GOVERNMENT

    News.am
    15:52 / 08/19/2009

    "Armenia is at the threshold of another economic recession, that
    is in 2010 despite all positive forecasts" said Bagrat Asatryan,
    Former Chairman of the Central Bank of Armenia (CBA), member of
    oppositional Armenian National Congress party at the August 19 joint
    press conference.

    "I advise the Government to be reasonable! You must at least apologize
    for the disgraceful program approved by the Parliament," Asatryan
    told reporters, expressing outrage on draft budget that "forecasts 9%
    economic growth under 20% actual decline".

    RA Deputy Minister of Finance Vardan Aramyan was representing the
    Government at the meeting.

    "I state that Armenia has no anti-crisis program now. The words
    they say are mere words," Asatryan stated. He pointed out that the
    Government is talking about enlarged policy. "What is it? Let us
    compare the rates of increase in the monetary base and money supply
    over the last three years with those of the previous six years. We can
    see that no enlarged policy is being implemented this year," he added.

    Speaking of the presentation of the anti-crisis program by the
    Government, Asatryan emphasized that the program should have been
    discussed by the Parliament. "The National Assembly has not stirred
    a finger to revise the budget providing for 9% growth."

    In response to the stated, Aramyan replied that last August the
    Government could not forecast such an economic decline, when the
    budget was being drafted.

    In his turn, Asatryan reminded that the Armenian Parliament adopted
    the budget last December, when the downtrend was obvious.
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