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YEREVAN. – Fitch assessed Armenia’s macroeconomic stability as not bad, deputy chairman of Armenia’s Central Bank Nerses Yeritsyan said.

His comment came in response to the latest changes to Armenia’s rating when Ftch Ratings affirmed Armenia's long-term foreign and local currency IDRs at 'B+' with stable outlooks.

The 'B+' rating is supported by Armenia's favourable business climate, relatively high per capita income level, IMF Extended Arrangement programme, and the extended maturity profile and low interest burden of public debt. Conversely, the ratings are weighed down by high net external debt, the large share of public debt denominated in foreign currency, a highly dollarised banking sector and tensions in relations with some neighbouring countries.

Fitch said the economic growth in Armenia was higher than expected.

“The agency assesses macroeconomic stability as not bad, that’s why there are stable outlooks,” Yeritsyan told reporters.

Armenia’s economy growth in the first quarter made 4.4 percent.

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