High inflation rate is serious challenge for Armenia: Gagik Minasyan

The high inflation rate in Armenia is a serious challenge for the country, Chairman of the Standing Committee on Financial-Credit and Budgetary Affairs of Armenia's National Assembly Gagik Minasyan told a press conference today.

"Both the Government, the State Commission for Economic Competition and the Central Bank take measures to curb inflation. Time will show what results we will have at the end of the year," said he.

Speaking about recent surge in cheese prices, Mr Minasyan dismissed rumors that some of the market players are trying to create monopolies in this sphere. According to him, this is improbable as there are numerous cheese manufacturing companies, including small ones.

In his words, additional research should be done to find out the reasons of the rise in cheese prices.

Speaking about the 2011 budget, Mr Minasyan said that this document stands out with its focus on cutting down the deficit.

"A stricter policy should be carried out towards large businesses. This approach is being implemented and it will yield its results next year," Minasyan added.