On April 28, Armenian President Serzh Sargsyan held a working meeting with heads of 21 commercial banks operating in Armenia.

Social and economic development, as well as financial stability of Armenia were in the focus of the meeting, head of the Central Bank of Armenia (CBA) Arthur Javadyan told journalists.

“Armenia’s banking system makes around 91% of the country’s entire financial system. Thus, major part of indices depends on stable development of the banking system,” Javadyan said after the meeting.

As for macroeconomic indices, according to him, the Armenian government and government exert efforts to half by the year-end the inflation rate recorded early in 2011.

“Inflation is a severe illness, which specifically affects socially vulnerable groups of population,” said Javadyan.

According to updated statistical data, 10.6% inflation rate was recorded in Armenia in January 2011 compared to the same period of 2010.

The inflation rate envisaged under the 2011 state budget totals 4±1.5%.