Yerevan, October 29 /Mediamax/. The draft state budget-2008 has social orientation, the Chairman of the Central Bank of Armenia (CB) Tigran Sarkisian stated in Yerevan today.

Mediamax reports that the CB Head stated that the Armenian government has considerably increased the expenditures for social needs. At that he noted the necessity to control the growth of prices, especially against the background of the external inflation pressure.

“It is not a secret for anyone that there is a quite complicated situation in the world markets, which the European Central Bank and the Federal Reserve System of the USA are trying to overcome”, Tigran Sarkisian stated.

He noted that in 2008, the Armenian CB will withstand inflation threats and regulate the level of prices, using monetary policy tools.

“The Armenian government, in its turn, should control the markets to secure fair and competitive price formation”, Tigran Sarkisian stressed.