ARMENIAN BUSINESSMEN STRONGLY CRITICIZE “SHAMEFUL” MONETARY POLICY OF ECONOMIC AUTHORITIES
arminfo
Tuesday, February 22, 19:43
The businessmen invited to today’s joint sitting of the Economy
Ministry Panel and the Council of the Union of Manufacturers and
Businessmen of Armenia strongly criticized the monetary policy of
the Armenian economic authorities.
The businessmen complained about the serious difficulties in the work
of small and medium business, as well as of unavailability of credit
resources. Firstly, the small and medium enterprises have no credit
history, and, secondly, they are unable to pay off extremely high
loan interests.
The head of the Yereval salt mine, Areg Ghukasyan, qualified the
monetary policy as “simply shameful”. According to him, the level
of interest rates for AMD loans is currently very high and does not
correspond to the profits.
Economy Minister of Armenia Tigran Davtyan said that in 2009 the
Government of Armenia established SME Investments universal credit
company, which provides small and medium-sized companies with loans
at 12% interest rate.
However, even this news failed to calm the businessmen down. They said
that 12% was not a low rate for the small and medium-sized business.
The local exporters complained of high transportation costs. Davtyan
said that the construction of Vanadzor-Fioletovo railroad will help
to reduce them. The exporters were dissatisfied with the work of the
South Caucasus Railway.
It was the first joint meeting of the board of the Economy Ministry
and the Council of the Union of Manufacturers and Businessmen.
Journalists were admitted to the official part of the meeting. The
next meeting will be held jointly with the heads of the Commerce and
Industry Chamber and the Armenian Development Agency.
From: A. Papazian