Armenia Central Bank Warns of Economic Chaos from Rising Gas Prices

Armenia's Central Bank chief, Martin Galstyan, discussed a possible increase in gas prices during a press conference on Tuesday. He warned that an increase in energy costs due to natural gas imports would have a double effect: it would lead to higher inflation and reduce economic activity.

'In addition, this can lead to a decline in economic activity [in Armenia]. This is an apocalyptic scenario,' Galstyan said. The CBA chief emphasized that the bank will be guided by natural processes when considering the possible risks.