Yerevan /Mediamax/. Deputy Managing Director of IMF Murilo Portugal stated in Yerevan today that Armenia is on stable positions## to withstand new challenges.

Mediamax reports that he said this, speaking during “Financial Stability in the Changing World” round table, which took place in Yerevan within the framework of events, devoted to the 15th anniversary of Armenian national currency.

Murilo Portugal noted that Armenia has a relatively low level of inflation, and the creditworthiness of the policy realized is backed by the achievements of the recent 15 years, in particular, by proper macroeconomic policy and realization of resolute reforms in various spheres.

Deputy Managing Director of IMF stressed that if the global financial crisis aggravates and its consequences spread, the Fund will be ready to render assistance to Armenia.

Chief Executive Officer of IMF Age Bekker singled out the following among the possible external threats for Armenia: reduction of transfers, investments and credit resources. At that he noted that there are positive factors as well, among which one may see reduction of prices for goods, cut down of import volumes as a result of transfer reduction, growth of earnings to the banking system, new infrastructural projects with external funding.

In his speech, the Chairman of the Central Bank of Armenia Artur Javadyan stated that the crisis gives birth to new questions concerning the roles of central banks in preserving financial stability. He expressed confidence that in countries, such as Armenia, the central banks should simultaneously secure stability of prices and realize control over the whole financial sphere, otherwise the small developing economies may seriously suffer during crises.