World bank supports Armenia’s return to floating exchange rate policy
04.03.2009,
02:42
The World Bank (WB) voiced its support to Armenia’s return to the policy of floating currency exchange rate and the required measures to ensure the transfer.
YEREVAN, March 3. /ARKA/. The World Bank (WB) voiced its support to Armenia’s return to the policy of floating currency exchange rate and the required measures to ensure the transfer.
Adjusting the rate is necessary for improving Armenia’s competitiveness and mitigating global shock effects, says the press release of WB Yerevan Office.
Armenia is quite strong in resisting the effects of the global economic crisis owing to its balanced macroeconomic policy, low level of national debt and effective banking system, says the press release.
According to the report, the World Bank group will continue its assistance to Armenia in the scope of cooperation strategy for 2009-2012 through $525mln worth loan programs of the International Bank for Reconstruction and Development (IBRD) and the International Development Agency (IDA).
Apart from this, International Financial Corporation (IFC) expressed its readiness to substantially expand its cooperation with banks and other organizations of Armenia.
The policy followed by Armenia to ensure macroeconomic stability and form free market produced considerable economic results and the WB is ready to further support the reforms in Armenia, says the report.
Tuesday, the Central Bank of Armenia reported restraining its intervention on the currency market and returning to floating rate policy. –0—
Adjusting the rate is necessary for improving Armenia’s competitiveness and mitigating global shock effects, says the press release of WB Yerevan Office.
Armenia is quite strong in resisting the effects of the global economic crisis owing to its balanced macroeconomic policy, low level of national debt and effective banking system, says the press release.
According to the report, the World Bank group will continue its assistance to Armenia in the scope of cooperation strategy for 2009-2012 through $525mln worth loan programs of the International Bank for Reconstruction and Development (IBRD) and the International Development Agency (IDA).
Apart from this, International Financial Corporation (IFC) expressed its readiness to substantially expand its cooperation with banks and other organizations of Armenia.
The policy followed by Armenia to ensure macroeconomic stability and form free market produced considerable economic results and the WB is ready to further support the reforms in Armenia, says the report.
Tuesday, the Central Bank of Armenia reported restraining its intervention on the currency market and returning to floating rate policy. –0—
