Yerevan /Mediamax/. Financial system of Armenia has fully involved in the process of economy development, Deputy Chairman of the Central Bank (CB) of Armenia Vache Gabrielyan stated today.

Mediamax reports that, speaking at a news conference in Yerevan today following the results of 2009, Vache Gabrielyan stated that significant help of the financial sector to economy reestablishment in the second half of 2009 became one of the basic factors, which allowed the banking system “coming out of the crisis with dignity”.

According to Vache Gabrielyan’s assessment, despite abrupt AMD devaluation, the Armenian government managed to preserve macroeconomic stability “due to unprecedented measures”.

“CB, in its turn, managed to preserve balanced inflation background, at that considering stirring up of economy to be the priority, and, as a result, playing at the upper limit of inflation target level”, Vache Gabrielyan stated, adding that continuation of CB expansive policy in 2010 depends on inflation background and the country’s balance of payments.

CB Deputy Chairman expressed opinion that CB monetary-credit policy will be neutral with moderate expansive steps in 2010.

Answering the question on the behavior of national currency in 2010, Vache Gabrielyan stated that “CB does not have an outlined level of AMD exchange rate, it only smoothes up abrupt fluctuations of the currency exchange rate”.