Armenia has become not working but much spending country and it is reflected in the indicators of foreign trade, the former CBA chairman Bagrat Asatryan told journalists on Friday.

He also noted that Armenian authorities only speak about assistance to small and medium business, while Armenia’s economic system is called to destroy it. “Authorities merely speak of small and medium business at the sittings, while economy is fully monopolized and monopolists press small business using administrative levers and force, as it might jeopardize their incomes. Presently oligarchs even have their own armed forces,” Asatryan stated.

Former CBA chairman stresses that economic developments in Armenia do not follow economic logics. Rather they are actually dependent on certain individuals’ will.