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Official News

Wednesday, 19 December 2007

Attended by RA Prime Minister Serzh Sargsyan, RA Ministers of Finance and Economy, Trade and Economic Development, heads of the CBA, State Customs Committee by the Government, RA State Commission on Defense of Economic Competition, National Statistics Service and State Tax Committee by the Government, today a consultative meeting has been held at the Office of Government to discuss the results of the recently carried out commodity market study.

To begin with, Prime Minister Serzh Sargsyan stated that while Armenia's economy continues growing in two-digit numbers leading to increased exports and personal incomes, being relatively small and vulnerable, our domestic market is exposed to both positive and negative influence coming from worldwide markets. That is a fact. Nevertheless, this state of affaires should not be put up with and has to be counteracted as much as possible. In this context, Serzh Sargsyan wanted to know why amidst the recently appreciating national currency, instead of lowering in value, some consumer goods have been going up in selling prices. He warned against eventual market speculations considering that in search of greater returns, unscrupulous entrepreneurs may try to take advantage of circumstances to the detriment of ordinary consumers. The Prime Minister emphasized that if things are to be prevented from taking this course, public agencies should work in a more coordinated manner and with greater sense of responsibility. Serzh Sargsyan advised that as early as in the month of October, he addressed the chairman of the CBA and the head of the RA commission on defense of economic competition to carry out commodity market surveys and present their findings and comments for discussion at today's meeting.

The Prime Minister further stressed that corresponding public entities should keep watch over the fluctuations in and substantiation of the prices of basic necessities.

Welcoming the recent activation and publicity in the proceedings of the State commission on defense of economic competition, the Prime Minister emphasized at the same time the need of enhancing the scope of its public impact. According to the Prime Minister, the commission has a task of providing for competition-based free pricing environment rather than checking up on the level of market prices.

In conclusion, the Prime Minister instructed to establish a commission involving the representatives of the ministries of finance and economy, trade and economic development, fiscal services and State commission on defense of economic competition in order to carry out commodity market surveys with a view to submitting information and common findings on the current prices and pricing developments concerning a number of basic foodstuffs inclusive of bread and bakery products, flour, butter, vegetable oil and rice.

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