Armenia's economy 'rolling down into abyss,' says Bagrat Asatryan

Armenia’s authorities do not implement any economic policy. They don’t want to do anything, former chairman of Central Bank of Armenia Bagrat Asatryan said at a press conference today.

According to him every year Armenia is registering low economic indicators among the Commonwealth of Independent States.

“Armenia’s economy is trundling. I don’t know whether it is the right word to use, but it is trundling into an abyss. The state statistics announced that compared to October last year, inflation during the same month in Armenia has been 9.1 per cent. It is unknown what will happen till the end of the year. We know that it will fare worse,” said Mr Asatryan.

Further he said that Armenia – a country that has used to have a lower inflation rate – becomes today one of the countries having the highest inflation rate.

As of the nine months 2010 Armenia has with its inflation rate conceded only to Ukraine - something Mr Asatryan is concerned about.

“We should realize where we are going to. With this indicators Armenia is the last among the CIS states. We are even behind Tajikistan, [we] have far lower indicators than Kazakhstan does,” said he.