March 3 decision of CBA created chaotic situation in
economy, ANC states
05-03-2009 22:00:00 | Armenia | Economy
YEREVAN, MARCH 5, NOYAN TAPAN. On March 3 the Central Bank
of Armenia (CBA) made a decision, by which it gave up the fixed
exchange rate policy it has conducted in recent years. According
to a statement that the Armenian National Congress (ANC) issued
on the same day, the CBA did not give any clear explanation
about the expected policy with respect to the Armenian dram.
The ANC believes that this decision has created a chaotic
situation in Armenia's economic system. The decision is a result
of the authorities' short-sighted and criminal policy of
ignoring the intensity of the global crisis and preserving the
vicious economic system aimed at serving the interests of the
importing oligarchs.
According to the statement of the ANC, all this is leading
to a social disaster, bankruptcy of small and medium
businessmen, deterioration of the financial state of commercial
banks, and the continuous enrichment of the importing oligarchs
and high-ranking officials. As a result, the distrust of society
and economic entities in the economic policy of the government
is increasing, creating panic moods.
The Armenian National Congress believes that in the current
situation, the following measures should be taken:
- ensuring transparency of the formation of living
essentials' prices with the aim of excluding the possibility of
superprofits; urgent implementation of antimonopoly measures,
- a reduction in the prices of public services (in
particular, gas and power),
- temporary suspension of tax administration reforms until
the crisis is overcome.