YEREVAN. - The Central Bank of Armenia (CBA) must be called to account for soaring inflation in the country, Artsvik Minasyan, a member of the Armenian Revolutionary Federation Dashnaktsutyun (ARF-D) parliamentary faction, told journalists on Wednesday.

If inflation exceeds 50% of the budgeted target, the CBA must report the situation to the President of Armenia, MP said. The president, in turn, is supposed to take necessary measures, including the dismissal of the CBA top officials.

According to Minasyan, the CBA actually thwarted the development process in the Armenian financial system as commercial banks are its priority. Other financial institutions are unable to develop, he added.

Under the circumstances, MP believes, the CBA must stop supervising other financial institutions.