Yerevan /Mediamax/. Former Chairman of the Central Bank of Armenia Bagrat Asatryan described today the draft decision of the regulator on increasing the minimum volume of capital of universal credit organizations (UCO) from 150mln up to 1bln AMD as “embarrassing”.

Mediamax reports that former Chairman of CB, who at present heads “Garni Invest” UCO, stated today that on July 17 he received notification from CB concerning this bill with the request to send any remarks and suggestions before July 19.

Bagrat Asatryan noted that it is impossible to compose and send remarks and suggestions within two workdays.

“I can make a conclusion that a few oligarchs decided to appropriate this sphere and try to force small credit organizations out of the market”, Ex-Chairman of CB stated.

Speaking of economic situation in the country, Bagrat Asatryan stated that limited factors influence growth of Armenia’s economy. According to him, “the external funds, raised by the state, growth of world prices for raw materials and private transfers – all these factors are the ones to determine the tendency of economy growth in Armenia”.

Speaking of the work of the tax system, Bagrat Asatryan stated that “it only serves a few oligarchs and does not benefit either the budget or the citizens of Armenia”.