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CENTRAL BANK HORRIFIED

Economy

After long interval CB Chairman Tigran Sargssyan met journalists and introduced them CB monitory management of 2003.

He was asked about corruption in CB. Tigran Sargssyan is accused of having taken bribe of 150.000 $ for nominating someone as the head of CB Internal Audit Department . “If the question is sensational, I’ll try to answer it in a sensational way - I have purchased a castle on the shore of the Mediterranean ”, he said.

After it he tried to treat the question seriously, saying posts of CB Department heads cost 4.5 million drams, meaning annual salaries of them . As to the rumours spread, Mr Sargssyan says they are somehow connected with struggle against the banks, breaking Laws. As a result of it, the criminal elements, having something to do with those banks, discredit CB leaders .

CB Chairman confesses he and department heads are even threatened. CB employees have already informed the proper instances about menace.

CB informed Office of Public Prosecutor about 9 trade banks. Audit was carried out in those banks and criminal activity was disclosed . Tigran Sargssyan continues fighting against trade banks to normalise the bank sphere of Armenia .

When talking about monitory management, Tigran Sargssyan also spoke over all the growths fixed. According to him, Armenian citizens will feel those growths more evidently a few years later as salaries are expected to increase, too.

CB Chairman forecasts growth in 2003, too, but only if there is stability in the country . Sargssyan said growth won’t be connected with presidential elections and any candidate.

“CB is not occupied with politics under Law. I wouldn’t like you to draw us into it” . Nevertheless, a little propaganda was obvious in his speech when he said the expected growth will double instead of 6 % if stability of 5 recent years is preserved .