Analyst: Rich getting richer and poor getting poorer in Armenia

Armenia’s economic system continues to help the rich get richer and the poor get poorer.

This is what head of the Secure Armenians initiative Ernest Ghazaryan said during a March 20 press conference.

According to him, the authorities’ practice in changing the situation still hasn’t led to tangible results.

“One of the main obstacles is the banking system. In particular, the changes for taxing pawn shops are unacceptable. Moreover, these changes give advantages to banks and credit organizations,” he noted.

Ghazaryan emphasized that either this policy is aimed at leaving pawn shops out of the financial market or the proposed changes are simply due to wrong decisions.

“We need to understand that the current conditions for crediting provide banks and credit organizations with the opportunity to raise interest rates without restrictions,” he said.