Minasian: Government and CBA don’t know what is going on in economy

“We can have a strong financial structure capable of preventing risks, but we are losing our economy”, ARFD parliamentary faction member Artsvik Minasian said during the discussion of the monetary and credit program of Central Bank of Armeia (CBA) in the parliament today.

In his words, the government and CBA do not know what is going on in the economy. “They often speak about a stable banking system. A tank is also a strong armored vehicle, but it cannot be used to plough a field,” Minasian said.

“The banking system has stifled other sectors of the financial system, as a result, we have neither a capital market nor an insurance market,” the deputy noted. According to him, it is impossible to integrate two systems which are at different levels.

“What does the government do as a tax and budgetary body whose goal is to ensure simultaneous economic development? The government declares that it agrees with CBA, while CBA reduces money supply, saying that the population should be short of cash so that inflation could be low,” Minasian said.