PRIME MINISTER ABOUT PETROL, GOLD AND INFLATION
Prime Minister Tigran Sargsyan delivered a traditional speech before the meeting of government. 70 PERCENT OF IMPORTED PETROL IN THE SHADE The prime minister said the volume of petrol imported to Armenia is less by 70 to 80 percent than the volume of petrol consumed. It means that thousands of cars with petrol are smuggled into Armenia. 70 to 80 percent of petroleum business is in the shade, said the prime minister. “It is a clear case of international smuggling because we all know that petroleum crosses the borders of several states, and it means that we have no control over the border. It is clear that this information is far from the reality, it is impossible theoretically and practically. A small car loaded with goods of double purpose which crosses the border becomes a subject of discussion of international organizations, and you know that. Today it is far from the reality to tell that 70-80 percent of petroleum in Armenia is in the shade. One of our talented writers wrote in his short story (I think you have read The Heavy Light) that both good and bad are measured by the strength of the pain. In other words, the purpose of this information is to hurt us, and I do not think this information aims to strengthen our state, about which our opposition speaks, saying that the purpose of their criticism is to have the government take actions which favor people. I think this information has another purpose, to hurt and denigrate the government,” said the prime minister. ABOUT INFLATION “The second issue is that prices are boosted artificially in Armenia to enrich the elite. Like in 1990-1997 when Armenia was under heavy inflation pressure, and we underwent hyperinflation, today the government is not interested in inflation because it hits the reputation of the government, our reputation. Today the best brains of the world are thinking on how to prevent the inflation which is problem No 1 in the world, the rising prices of fuel and food. It is known that we import fuel, food. In 12 months, of the 9.9 percent inflation 8 percent is due to the inflation of prices of imported goods. In other words, this information is not true either,” said Tigran Sargsyan ON THE SALE OF GOLD RESERVE “Third, the sale of gold which has become a subject of political manipulations and political adventures, which is attempted to turn into an accusation and to instill in our citizens that we have sold the gold reserve of our country. In addition, when gold reserves are considered, people think of the physical volume of gold which is stored at the Central Bank of Armenia. The first statement that I will make is that gold cannot be stored at the Central Bank, this decision was made in 1994, and in 1994, 1995, 1996 and later all the physical reserves of gold which was in Armenia was exported to Switzerland, instead metal deposit currency accounts were opened, which are converted to dollars. I think that political decision which was made in 1994 was the right decision because the physical gold which was stored here could not help solve economic and social problems in our country. It was necessary to make gold generate profit, become a foreign currency asset, and this decision was made. In 2003 the Central Bank made another decision, to convert dollar metal deposits into pound deposit accounts. As a result of this transaction we got 2 billion 300 million of net profit, which was fully transferred to the state budget. Besides, the service of metal deposit accounts in 2003 was not profitable because we spent on service of those accounts, and the profit was little compared with the pound which had the highest rate of profit generation then, and its value was much higher compared with the dollar. That deal was very profitable for our country. The accusation is that if we had not made that deal in 2003 but in 2008, the profit would have been greater. But similarly we can view privatization in 1990-1997, and if we had been smarter and privatized in 2008 rather than in 1990, it is clear how much more profit our country would have gained, take only the price of one square meter of realty in 1991 and in 2008. It is an absurd approach when problems requiring a professional approach are considered. It is clear that the aim of those political manipulations is to hurt us. And I am sure that this approach is not helpful to our state. Our statehood would be favored by the revelation of the real facts, what we are now doing together with you, what our people’s welfare will really benefit from,” said Prime Minister Tigran Sargsyan PLEASANT NEWS “Now let us consider more pleasant topics. Dear colleagues, I would like to inform you that today the Fitch rated Armenia BB from BB- which is highly important for us, because it creates favorable conditions for economic growth and investments. In addition, it is highly important for us that among the factors which caused our rating to go us are the reform initiatives of the new government, which will create a more competitive, diverse economy which is positive for the rating, as well as the second, consistent macroeconomic policy integrity which creates a favorable environment for investments. It is clear that the assessment by this authoritative organization will favor the reforms which we carry out. And it is a serious, objective signal to all the organizations of the global market because on the global financial map today we have a higher rating than tomorrow,” Prime Minister Tigran Sargsyan said.
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