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ARMENIA NEEDS TO CARRY OUT MONETARY REFORM, ARF MEMBER SAYS
YEREVAN, June 11. / ARKA /. A senior member of the opposition Armenian
Revolutionary Federation (ARF) party, Artsvik Minasyan, says Armenia
needs to reform its monetary system.
Speaking at parliament today he said it is naive to speak about
macroeconomic stability, which implies economic growth, high
employment, and objective balance of payments, because none of these
factors can be found in Armenia.
According to him, the current state is the result of curbing inflation
and domination of monopolies in the market, making a monetary reform
even more urgent.
He argued that all economic calculations show that the current
monetary system is no longer able to serve the economy and ensure
quick development.
According to him, by saying monetary reform he means a weak national
currency that will increase export opportunities for manufacturers,
as well as preserve the purchasing power of the population.
"With current rate of revenue collection and spending our economy
is unable to develop. The ratio of taxes to GDP is far from normal,
but in reality, the burden on the government is extremely high. There
is a large shadow economy, no level playing field, which is another
evidence in support of monetary reform," he said.
According to the National Statistical Service, Armenia's GDP grew by
3.5 percent in 2013, down from the projected 6.2%. The 2014 projection
is 5.2%. -0-
- See more at:
http://arka.am/en/news/economy/armenia_needs_to_carry_out_monetary_reform_arf_mem ber_says/#sthash.mH8ZyN3W.dpuf
YEREVAN, June 11. / ARKA /. A senior member of the opposition Armenian
Revolutionary Federation (ARF) party, Artsvik Minasyan, says Armenia
needs to reform its monetary system.
Speaking at parliament today he said it is naive to speak about
macroeconomic stability, which implies economic growth, high
employment, and objective balance of payments, because none of these
factors can be found in Armenia.
According to him, the current state is the result of curbing inflation
and domination of monopolies in the market, making a monetary reform
even more urgent.
He argued that all economic calculations show that the current
monetary system is no longer able to serve the economy and ensure
quick development.
According to him, by saying monetary reform he means a weak national
currency that will increase export opportunities for manufacturers,
as well as preserve the purchasing power of the population.
"With current rate of revenue collection and spending our economy
is unable to develop. The ratio of taxes to GDP is far from normal,
but in reality, the burden on the government is extremely high. There
is a large shadow economy, no level playing field, which is another
evidence in support of monetary reform," he said.
According to the National Statistical Service, Armenia's GDP grew by
3.5 percent in 2013, down from the projected 6.2%. The 2014 projection
is 5.2%. -0-
- See more at:
http://arka.am/en/news/economy/armenia_needs_to_carry_out_monetary_reform_arf_mem ber_says/#sthash.mH8ZyN3W.dpuf