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YEREVAN. – Not resolving the simplest matters, the Central Bank of Armenia (CBA) is passing on to the fundamental matters, economist Ashot Khurshudyan said at a press conference on Thursday.

According to Khurshudyan, the current policy of enlargement of the banks and the regulation of the currency market in Armenia aims to reduce the dollarization of bank deposits and loans in the country.

He noted that the CBA’s message can be interpreted as follows: If everyone keeps the Armenian national currency—the dram—in the country’s banks, the situation will be more manageable.

“But now, we don’t even have a manageable currency market, not to mention the bank portfolios,” the economist added.

In his view, one reason is that the banks in Armenia do not see where else they can invest their assets aside from real estate.

“And if investing money in real estate becomes the most convenient, this is no longer an economy, but rather something stagnant,” Ashot Khurshudyan stated.

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