Chairman of the Central Bank of Armenia Artur Javadyan presented the bank’s conclusion regarding the annual report on 2012 state budget implementation.

He hailed the economic development rates in Armenia, with 7,2% growth reported in 2012.

“Increase in the volume of loans fostered the economic growth. The key developments in 2012 macroeconomic environment were conditioned by slow global economic restoration, as well as fiscal and monetary policies,” Mr. Javadyan said.

CBA chairman further chairman described the fiscal and monetary policies as balanced, contributing to the restoration of economic activity and macroeconomic stability.