Former head of Armenian Central Bank expects economic downturn

Former head of Armenian Central Bank expects economic downturn

The former head of the Central Bank of Armenia, Bagrat Asatryan, said that Armenia's economy is threatened by a significant decline, despite some progress.

"The Armenian economy is under the threat of decline. We will find ourselves in an inflationary pressure cycle, and Armenia's flagging economy will be under inflationary pressure for several years," ARCA cited him as saying.

The former head of the Central Bank expressed confidence that the devaluation will also have an effect on Armenia's currency. "We should adapt to this situation and should not deter the Armenian dram from devaluation. The Central Bank should change its policy substantially and should stop interfering in the foreign exchange market. Its main task should be to support economic growth and employment," Asatryan noted.

The first half of 2015 was marked by 4% economic growth in Armenia. The GDP growth in the country for the current year is planned at a rate of 4.1%, and inflation at the level of 4% (± 1,5%).

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