Former Chairman of the Central Bank of Armenia (CBA) Bagrat Asatryan said that the high inflation recorded in Armenia is a result of the authorities’ economic policy, specifically, attraction of external funds and huge shadow economy.

The previous achievements – macroeconomic stability and average level of inflation at 4-5% - are absent today, Asatryan told a press conference in Yerevan on November 22.

“9-10% inflation rate will be recorded in Armenia by the end of 2010,” he said.

As for the economic growth, according to Bagrat Asatryan, though it will be positive, but will not change the situation on the background of the two-digit decline.

“The Armenian people’s life conditions will worsen, what is proved by today’s reality,” said Asatryan.

According to him, the lowest pace of economy growth among the CIS countries was recorded in Armenia over the first nine months of 2010, the country being considerably behind Tajikistan, Uzbekistan, Kyrgyzstan and Moldova by the volume of export.