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-