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Head of Central Bank disagrees with WB methodology of capital outflow calculation, by which up to 1 bln USD is illegally taken out of Armenia every year

  • by Alexandr Avanesov

  • Tuesday, May 20, 13:33

According to the WB, 6 bln AMD has illegally been taken out of the country over the past 6 years, Head of Armenian National Congress Faction Levon Zurabyan said in Parliament when asking a question to Chairman of the Central Bank of Armenia (CBA) Artur Javadyan on the occasion of his re-election for the second term.   

According to Javadyan, the information that 6 bln USD is illegally taken out of Armenia is not the official viewpoint of the WB, but only the assessment of some specialists of the organizations included in the World Bank Group. He assured the parliamentarians that the CBA controls all flows both to Armenia and from Armenia and that over the past five years the inflow to Armenia exceeded the outflow. "The methodology used by the WB specialists is guided by the invoice prices applied in a number of countries.  In the meantime, the methodology did not take into account the peculiarities of invoices of some goods related to different markets and undergoing the influence of different prices. Experts were guided by this methodology when they said that the money should have entered Armenia but failed to reach the country", stressed Javadyan. He is going to discuss this issue with WB experts at a roundtable.  

To note, the World Bank Group includes IFC, IDA and EBRD. The WB Office in Yerevan has told ArmInfo that this assessment was really present in the global surveys published half a year ago. 

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