This year’s double-digit inflation has been the gravest economic phenomena. The previous double-digit inflation was registered as far back as 1997, Bagrat Asatryan, the ex-chairman of the Central Bank of Armenia (CBA), told a press conference Dec. 23. “Consumer prices have shown a rise of more than 8% since the beginning of the year, the reason being monetary factors,” Asatryan said.

The Central Bank of Armenia (CBA) has reverted to its wrong policy of 2008-2009. “Injections into the currency market are in question. Our country’s reserves have decreased by about 160 million AMD this January-October. The CBA goes on pursuing its widely criticized policy of interventions,” Asatryan said.

The primary cause of inflation is the present economic system, monopolies and the authorities’ inability to control the situation.