Yerevan/Mediamax/. Ex Head of the Armenian Central Bank (CB) Bagrat Asatryan said today that Armenia will close 2011 with high inflation level - 8-9%.

Decrease in global prices, the recent decrease in grain price by 20 % in particular, does not affect prices in Armenia, taking into account the oligarchic structure of the country’s economy, he said.

“Economic growth in Armenia is not impressive at all, at these rates we will reach the predicted level only in 2013, and due to the results of this year the economic growth will make approximately 4%’’, said Bagrat Asatryan.

Concerning monetary-credit policy in the country, he said that the authorities continue the unpromising policy of reserve funds sales. “Reserve funds made USD 1 bln 865 mln as of December 2010, and by the end of April of the year - they already made USD 1 bln 765 mln. Thus USD 100 mln was sold to maintain the relative stability on the currency front”, said Bagrat Asatryan.