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ARMENIAN NATIONAL CONGRESS: "LATEST FINANCIAL CRISIS IS ONE MORE REASON TO SHIFT POWER IN ARMENIA"
by Tatevik Shahunyan
ARMINFO
Tuesday, December 23, 11:35
The financial sector instability in Armenia, not least, the
unprecedented fall in the national currency in late November -
early December, has revealed the evils of the economic system, the
oppositional Armenian National Congress (ANC) says in a statement.
According to ANC, the key reason of the current financial instability
is the economic system that has been monopolized by oligarchs. The
system has survived due to foreign transfers only.
In addition, the statement says, the Central Bank's years-long policy
of artificial appreciation of the national dram has reduced the state
reserves to the dangerous minimum. The reserves have decreased by $500
million over the last year. "Another reason of the current situation
is the constantly growing state debt amid declining investments,"
the ANC says in the statement.
The authors of the statement are sure that the Government and
the Central Bank failed to take timely and effective measures to
stabilize the situation in the financial market. "For instance,
a similar situation in neighboring Georgia was settled within a few
days, while the crisis in Armenia continued for a month," ANC says.
All this, as the authors of the statement say, resulted in price hikes
and inflation. "It was not the sagging dram that caused price hikes.
Simply, the businesspersons 'affiliated with' the authorities took
advantage of the mess and decided to gain extra profits. This has
greatly affected the population and can plunge many more people into
poverty. The authorities are responsible for what is taking place in
the country. This regime of clans cares for its own interests only and
constitutes threat to Armenia. Out task number one is to overthrow it,"
the oppositionists say in the statement.
by Tatevik Shahunyan
ARMINFO
Tuesday, December 23, 11:35
The financial sector instability in Armenia, not least, the
unprecedented fall in the national currency in late November -
early December, has revealed the evils of the economic system, the
oppositional Armenian National Congress (ANC) says in a statement.
According to ANC, the key reason of the current financial instability
is the economic system that has been monopolized by oligarchs. The
system has survived due to foreign transfers only.
In addition, the statement says, the Central Bank's years-long policy
of artificial appreciation of the national dram has reduced the state
reserves to the dangerous minimum. The reserves have decreased by $500
million over the last year. "Another reason of the current situation
is the constantly growing state debt amid declining investments,"
the ANC says in the statement.
The authors of the statement are sure that the Government and
the Central Bank failed to take timely and effective measures to
stabilize the situation in the financial market. "For instance,
a similar situation in neighboring Georgia was settled within a few
days, while the crisis in Armenia continued for a month," ANC says.
All this, as the authors of the statement say, resulted in price hikes
and inflation. "It was not the sagging dram that caused price hikes.
Simply, the businesspersons 'affiliated with' the authorities took
advantage of the mess and decided to gain extra profits. This has
greatly affected the population and can plunge many more people into
poverty. The authorities are responsible for what is taking place in
the country. This regime of clans cares for its own interests only and
constitutes threat to Armenia. Out task number one is to overthrow it,"
the oppositionists say in the statement.