There was no global crisis in Armenia as such, it merely impacted the financial market, Armenian Central Bank (CBA) Deputy Chairman Vache Gabrielyan stated at the December 29 press conference.

According to him, banking sector decently met the global crisis. “Despite the dramatic decline in financial sector in H1 2009, it successfully applied its financial capacity in H2, resulted in increase of credit funds. I hail significant the fact that financial sector was profitable for economy under the crisis,” Gabrielyan said.

He also underlined that CBA shares government’s opinion, that the lack of economy diversification as well as shadow economy is significant for Armenia and impact the country’s economy.

“2009 was a year of macroeconomic stability. Despite dram’s devaluation, the environment remained stable. International organizations also outlined Armenia’s combat readiness to overcome the crisis,” CBA Deputy Chairman concluded.

A.G.