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).