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“Armenia’s economy has reached a point when it does not need money. There is no sector where it is possible to make investments,” Former Chairman of Armenia's Central Bank (CB) Bagrat Asatryan said at a discussion at Media Center on Tuesday. 

Citing the data released by the National Statistical Service of Armenia, Mr. Asatryan said that positive trends gave been observed in the sphere of economy this year compared to the seven months of the past year. He particularly pointed out the growth of the Economic Activity Index, the increase of exports volumes and the industry growth, however Mr. Asatryan does not consider them the best results.

The Former Chairman of the Central Bank believes that structural reforms should be implemented to change the situation.

“There is a basic issue there: the fusion among the business and the authorities is a disaster in the wake of the free-market economy. Remove those people running businesses out of power or do not rely on them. This regime will collapse without corruption,” he said, adding that these are not desperate statements, but rather realistic assessments of the situation.