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
"There have been no new talks on gas exports to Europe, but there are routes and facilities which we need to use," Majedi said.
"We are particularly pleased by a 15 percent rise in lending to small and medium-sized businesses,” the bank’s financial director said.
It also signed 33 Reimbursable Advisory Service agreements with 11 countries in the region for a total amount of $45 million.
“Under a new deal to be signed, Russia is expected to provide a $300 million loan to extend the NPP’s service life,” Yervand Zakharyan said.
Partner news