December 20, Chairman of the Central Bank of Armenia (CBA) Artur Javadyan made a statement summing up the passing year.

“’The main reasons for the price rise was the rise in international prices, AMD devaluation tendency and last year’s monetary and fiscal policies,” Javadyan said.

According to him, the CBA managed to reduce the price rise rates by 3.6 per cent in the first half of 2010. However, higher price rise rates were registered in the latter half of 2010 because of a sharp rise in international prices and a 17% decrease in agricultural output.

Specifically, shocking demand accounts for 6.7% of the expected 9.7% price rise.