The authorities’ policy of curbing inflation is ineffective. The Central Bank of Armenia (CBA), which is mainly responsible for price stability, is using only monetary instruments, following the money demand and supply management principle, Artsvik Minasyan,  a member of the Armenian Revolutionary Federation-Dashnaktstyun (ARF-D) parliamentary group, told journalists April 20.

According to him, the CBA’s main aim is to curb inflation by managing money supply.

“The CBA is showing a trivial approach – curbing inflation by reducing money supply. However, any such action is at least 50% ineffective,” Minasyan said. Armenia lacks a “system approach” to curbing inflation, he added.

According to Minasyan, the CBA, Commission for Protection of Economic Competition and Public Services Regulatory Commission are operating each by itself.

“Each of them, in turn, is trying to lay the responsibility on the others. They do not feel responsible, they shift responsibility onto others,” he said.

The Armenian government has no so far accepted any of the ARF-D’s proposals to curb inflation, Minasyan added.