Tosunyan: Armenia’s inflation level lowest in CIS

ARKA News Agency, Armenia
Oct 11 2007

Tosunyan: Armenia’s inflation level lowest in CIS

YEREVAN, October 11. /ARKA/. Armenia has the lowest inflation level
in the CIS. During the 4th international banking conference `Money
transfers, retail banking services’ President of the Association of
Russian Banks Garegin Tosunyan said that contrastive analysis of
Armenia’s position in the CIS territory testifies to this.

`Armenia (2.9%) is followed by Kyrgyzstan with 5.6% inflation and
Belarus (7%). In Russia and the CIS states this index is at the level
of 9%,’ he said.

Tosunyan also pointed out by the GDP index Armenia among the CIS
states ranks the second after Azerbaijan.

`13.4% GDP growth in Armenia is a rather serious index which should
be retained for a long time,’ he said and added that in Azerbaijan
this index is at 34.5%, in Kazakhstan – 10.6%, in Russia – 6.7%, and
in the CIS states the average – 7.5%.

e pointed out that by the index of investments in Armenia’s main
capital also ranks the second (37.1%) after Tajikistan (55.1%).

`This index in Belarus reaches 31.1%, in Russia – 13.5% and in the
CIS – 14%,’ he said.

In this connection Tosunyan pointed out that the countries smaller
and commensurable in the territory or number of population with
Armenia, also including them Switzerland, Lichtenstein or Austria,
occupied a position in the international field which equals them to
the biggest countries by population and square.

0.2% deflation is recorded in Armenia in September 2007 as compared
to December 2006. In September prices for Armenia’s consumer market
increased by 0.7% as compared to August. At the same time, the index
of consumer prices is at 102.7% this September as compared to
September 2006.

In January-September 2007 the inflation made 3.8% as compared to the
same period in 2006, the index for foodstuffs was 104.8%, and for
non-foods it reduced by 1%, and the tariffs for services increased by
4.5%. -0–