YEREVAN. - Authorities of [Armenia’s] Central Bank are wrongly prescribed under the new draft constitutional amendments, Armenian National Congress (ANC) faction MP and ex-PM Hrant Bagratyan stated in the parliament today.  

According to him, this was exactly the case in 2005: authorities on establishing price stability were prescribed prior to the monetary policy. This is wrong, since the Central Bank cannot only be a guard over prices, Bagratyan said.

Ruling Republican Party of Armenia (RPA) MP Vardan Ayvazyan also considered the definition of the Central Bank’s authorities incorrect.  

In response, member of Armenia’s Specialist Commission on Constitutional Reforms Vardan Poghosyan said that recommendations on such order of priority were made by the International Monetary Fund (IMF) back in 2013 during the early stages of the constitutional amendments.  

“Anyway, changes in the wording can be discussed,” Poghosyan said.