Ex-head of Central bank: impact of world crisis to peak on Armenia in autumn 2009 and spring 2010

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Economy

13.03.2009, 16:58

Impact of the world financial crisis to peak on Armenia in autumn 2009 and spring 2010, ex-chairman of the Central Bank of Armenia (CBA), representative of oppositional Armenian National Congress Bagrat Asatryan told a press conference Thursday.

YEREVAN, March 12. /ARKA/. Impact of the world financial crisis to peak on Armenia in autumn 2009 and spring 2010, ex-chairman of the Central Bank of Armenia (CBA), representative of oppositional Armenian National Congress Bagrat Asatryan told a press conference Thursday.

Substantial effects of the crisis will be felt in the country in the next several months when remittances are reduced in particular, he said.

Asatryan pointed out that in 2008 a 30% increase in remittances was recorded, whereas in January 2009 transfers reduced by almost 30% as compared with January 2008.

The other problem to be faced by Armenia is unemployment as guest workers are returning from Russia due to economic difficulties there.

“If no principal system changes and policy review are made, we will face a complicated situation,” he said adding that no substantial economic development is possible in the next 3 years if the current trends are maintained. N.V. –0--

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