EBRD: Armenian economic activity to drop during presidential polls

EBRD: Armenian economic activity to drop during presidential polls

PanARMENIAN.Net - Despite the possible postponement of the Armenian presidential elections due to the attack on candidate Paruyr Hayrikyan, the country’s commercial banks are ready to continue the implementation of current programs.

President of the Union of Banks of Armenia Ashot Osipyan hailed the fact that the commercial banks’ activity doesn’t depend on political developments.

“During the presidential elections, many companies pursue “wait and see” policy until the new government is formed,” head of European Bank for Reconstruction and Development (EBRD) resident office Valeriu Razlog commented to a PanARMENIAN.Net reporter.

Mr Razlog forecast economic activity growth only following the polls.

EBRD predicts about 4% GDP growth, with Armenia's 2013 state budget envisaging annual inflation index at 4 ± 1,5%.

Mr Razlog further deemed reconsideration of forecasts possible, voicing confidence for the Armenian government to continue the cautious policy, with the inflation fluctuations to remain under the control of the Central Bank of Armenia (CBA).

 Top stories
A relevant agreement was signed by the minister of finance Gagik Khachatryan and German ambassador to Armenia Rayner Morel.
The total cost of the final deal is over AMD 85.8 billon to be paid in two equal halves, after completion of the deal formalities.
Aleksei Miller was also scheduled to meet with government officials in Germany, which is a major customer of Gazprom’s supplies.
Access to finance is a major impediment to the growth of micro, small and medium enterprises, especially in the rural areas.
Partner news