The national debt of Armenia will reach 70% of GDP by the end of the ongoing year, the Governor of Central Bank Martin Galstyan stated at parliament on Wednesday during the annual report of the Central Bank activity.
In his words, Armenia’s international reserves stood at 3 billion USD at the end of 2020. According to the prediction of Galstyan, over the coming years the government will strive to lower the debt-to-GDP ratio to 60% in compliance with budget rules.
“The budget was implemented at higher volumes of the deficit which was expected considering measures aimed at bolstering the economy,” said Galstyan, predicting reduction of deficit volumes in the coming years which also will serve to the stabilisation of the debt index.
The Governor of the Central Bank referred also to the monitoring data of the Bank, pointing to the abnormal hike in butter prices which was not commensurate with price fluctuation in international markets and exchange rates, while the prices for other products in general were in line with international markets trends.
