Armenian Minister Forecasts 8%-10% Inflation in Armenia in 2009
Armenian Minister Forecasts 8%-10% Inflation in Armenia in 200919.03.2009, ARKA
Armenia’s inflation is likely to reach 8%-10% due to the global economic slowdown, said RA Minister of Finance Tigran Davtyan.
Commenting on the Central Bank’s retrieval of the floating foreign exchange policy, the minister stressed that the “Central Bank’s has always followed the free-floating currency policy.”
According to Davtyan, CBA can simultaneously implement another foreign currency policy to ensure financial stability, with the free-floating currency being its long-term policy.
“The rise in import prices was due to exchange rate adjustments,” the minister said, adding market prices had soon returned to their former notch.
On March 3, the Central Bank of Armenia (CBA) officially returned to the floating national currency exchange rate. According to CBA experts, the Armenian dram /U.S. dollar exchange rate is expected to range from AMD 360 to AMD 380 per $1. –0—
