Central Bank of Armenia - Annual Report 2005

According to the Central Bank of Armenia's Annual Report 2005, during 2005 the overall macroeconomic environment changed considerably due to both real sector developments and government policy measures.

"Moreover, the economy was significantly influenced by external factors, such as financial inflows and changes in prices of essential commodities (including oil, wheat, and non-ferrous metals) in international markets.

"As a result of the large-scale financial influx and the last five years' robust

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