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World Bank Supports Exchange Rate Policy In Armenia

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  • World Bank Supports Exchange Rate Policy In Armenia

    WORLD BANK SUPPORTS EXCHANGE RATE POLICY IN ARMENIA

    armradio.am
    03.03.2009 15:08

    The World Bank issued the following statement on the exchange rate
    policy in Armenia today:

    "The World Bank fully supports the return to a flexible exchange rate
    regime announced by the Central Bank of Armenia and the accompanying
    policy measures to support this transition. The adjustment of
    the exchange rate is necessary in order to strengthen Armenia's
    competitiveness and mitigate the impact of the negative external
    shocks that the economy is facing in a difficult international
    economic environment.

    A flexible exchange rate regime is a key building block of the
    comprehensive economic policy program put in place by the Armenian
    authorities to cope with the impact of the global economic crisis. The
    adjustment of the exchange rate will help Armenian companies to
    compete more successfully in global and domestic markets and will
    pave the way for high and sustained growth.

    Armenia is facing the global economic crisis with strong defense
    lines, thanks to prudent macroeconomic management, a low level
    of public debt, and a sound banking system. The World Bank Group
    will continue supporting Armenia through the 2009-12 partnership
    strategy, with a scaled up lending program of US$ 525 million from
    the International Development Association (IDA) and the International
    Bank for Reconstruction and Development (IBRD).

    The International Finance =0 D Corporation (IFC) stands ready
    to significantly increase its commitments to Armenian banks and
    businesses.

    The Armenian authorities' commitment to maintaining a sound
    macroeconomic framework and an open market regime have brought
    impressive economic results in the past and we look forward to
    supporting Armenia's reform efforts in the future."
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