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Armenian Businessmen Strongly Criticize "Shameful" Monetary Policy O

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  • Armenian Businessmen Strongly Criticize "Shameful" Monetary Policy O

    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
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