Thursday, October 13 2016 23:46

Armenian Central Bank reacts to statement made by first President of Armenia Levon Ter-Petrosyan

Armenian Central Bank reacts to statement made by first President of Armenia Levon Ter-Petrosyan

ArmInfo. Central Bank of Armenia  has reacted to the statement made by first President of Armenia Levon  Ter-Petrosyan, according to which the country may face real economic  collapse, this time called default. 

The statement spread by the CBA particularly reads. "Central Bank of  Armenia as an established professional structure during its operation  has been refraining from assessing non professional and non grounded  information, disseminated in society and mass media and this policy  has not changed.  Considering that today Levon Ter-Petrosyan has  publicly expressed his concern related to economic condition in  Armenia and forecasted 'default' we want to answer to this concern by  way of exception.  Default in this case means non-fulfillment or late  performance of debt obligations by the state. Armenia has been  fulfilling and continues to meet its obligations without any problems  and there are no upcoming risks, which will make the country  incapable to service all or part of its obligations".  

Moreover, the CBA statement reads that there are a number of  indicators, which testify to Armenia's enough financial solvency in  future, such as stability of debt and foreign currency markets,  improvement of balance of payments, sufficient level of international  reserves, as well as growth of amount of state bonds turnover on  internal and external markets and significant reduction of interest  rates. 

To note earlier first President of Armenia Levon Ter-Petrosyan stated  that Armenia may face economic collapse in the nearest future. "While  the ruling regime is busy with theater ceremonies of reforming  electoral and government systems, which are obviously aimed at  strengthening and retaining the running power rather than at  recovering the state, the country may face economic collapse called  default", Ter- Petrosyan noted. 

According to the data of Armenian Finance Ministry by the end of  2016, the foreign debt of Armenia will grow from 43.7% to 54.4% of  GDP, Finance Minister Vardan Aramyan told journalists on October 4.  In his words, the foreign debt increased by $900million in 2014-2016.   By the end of the year, the government's debt will reach $4.4billion  drams, Central Bank's debt will grow to $532million. As a result, the  summary foreign state debt will make up about $5billion. The internal  debt, the minister said, will reach $934million. "The total state  debt will reach $5.9billion by the end of the year," Aramyan said.  The foreign debt to GDP ratio will make up about 49%, the total debt  to GDP ratio - 54.4%.

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