The results of January-September 2010 are poor – 2.8% economic growth and a 25% decline in GDP this September a compared with this August, Bagrat Asatryan, the ex-chairman of the Central Bank of Armenia (CBA) and a member of the opposition Armenian National Congress (ANC), told journalists Oct. 21.

“We have made great progress if in comparison with our neighbors. Last year Armenia ranked last among the CIS member-countries, and it is last but one now,” Asatryan said ironically. Armenia has left Kyrgyzstan behind, he noted.

“We are most likely to close this year with such poor results – 10% inflation. It is an unprecedented thing for the country. High inflation will have a certain impact on processes next year, including monetary indicators,” Asatryan said. Speaking of international processes, he said that “the world has recently been faced with a new economic challenge – currency wars.” He cited the example of China and U.S. with its EUR-USD wars.

“The Armenian authorities in charge of monetary policy should draw necessary conclusions. We need a balanced policy and a better reserve management policy. The gold price is rising now – U.S. $1,350 per ounce. Armenia, however, sold its gold reserves at U.S. $300,” Asatryan said.