Armenia ensures stability of prices amid COVID-19 crisis
15.06.2020,
14:58
Armenia has managed to ensure price stability amid the coronavirus crisis, Prime Minister Nikol Pashinyan said Monday, introducing the new head of the central bank, Martin Galstyan, to the central bank’s staff.
YEREVAN, June 15. /ARKA/. Armenia has managed to ensure price stability amid the coronavirus crisis, Prime Minister Nikol Pashinyan said Monday, introducing the new head of the central bank, Martin Galstyan, to the central bank’s staff.
“During this crisis period, the most important result of the central bank’s activity was ensuring price stability, which every citizen of the Republic of Armenia felt. Armenia, unlike a number of countries, has recorded this situation,” Pashinyan said.
He noted that in many countries of the world today there are serious inflationary trends and very high inflation due to coronavirus has been recorded, while Armenia was able to achieve success in this matter.
“Of course, we have a lot of tasks directly in the fight against coronavirus, and in this context we will use the intellectual and not only the intervention of the central bank to solve economic, health, social and psychological problems,” Pashinyan said.
According to the National Statistics Committee, in the consumer market of Armenia, the 12-month inflation in May 2020, compared to May 2019, amounted to 1.2%. In May, compared with April, the country recorded a 0.1% deflation. Prices increased by 0.3% in January-May 2020, compared with the same period in 2019.
According to the finance ministry, the average inflation in Armenia in 2019 stood at 1.4%.
As noted in the central bank report, the average annual inflation in Armenia in 2008-2019 stood at 3.9%.
In the government budget of Armenia for 2020 approved in December last year, economic growth was projected at 4.9% and inflation at 4% (± 1.5%). However, later, on April 29, 2020, the budget was revised because of COVID-19, and the projected economic growth was replaced by a 2% decline.-- 0--
“During this crisis period, the most important result of the central bank’s activity was ensuring price stability, which every citizen of the Republic of Armenia felt. Armenia, unlike a number of countries, has recorded this situation,” Pashinyan said.
He noted that in many countries of the world today there are serious inflationary trends and very high inflation due to coronavirus has been recorded, while Armenia was able to achieve success in this matter.
“Of course, we have a lot of tasks directly in the fight against coronavirus, and in this context we will use the intellectual and not only the intervention of the central bank to solve economic, health, social and psychological problems,” Pashinyan said.
According to the National Statistics Committee, in the consumer market of Armenia, the 12-month inflation in May 2020, compared to May 2019, amounted to 1.2%. In May, compared with April, the country recorded a 0.1% deflation. Prices increased by 0.3% in January-May 2020, compared with the same period in 2019.
According to the finance ministry, the average inflation in Armenia in 2019 stood at 1.4%.
As noted in the central bank report, the average annual inflation in Armenia in 2008-2019 stood at 3.9%.
In the government budget of Armenia for 2020 approved in December last year, economic growth was projected at 4.9% and inflation at 4% (± 1.5%). However, later, on April 29, 2020, the budget was revised because of COVID-19, and the projected economic growth was replaced by a 2% decline.-- 0--
