Armenian Central Bank finds it necessary to narrow budget deficit to 3%

Armenian Central Bank finds it necessary to narrow budget deficit to 3%
ARKA, 24.05.2010

The Central Bank of Armenia finds it necessary to narrow the state budget deficit to 3% within three years to strengthen macroeconomic stability in the country, Arthur Javadyan, chairman of the central bank, said Saturday in Armenian National Assembly.

“Positive macroeconomic developments seen in the fourth quarter 2009 thanks to the expansionary monetary, tax and budget policies pursued over that year will continue also in 2010 along with naturally formed and maintained inflation environment,” he said.

Javadyan thinks these approaches, with appropriate monetary policy, will create real ground for ensuring the planned inflation rate in 2010 and 2011.

The 2009 state budget was executed with AMD 239.1 billion deficit against the planned AMD 66 billion.
Deficit amounted to AMD 6 billion in the first quarter of this year against the planned AMD 34.8 billion. --0--