The Devaluation of the Dram Will lead to a Price Increase
01.12.2014
10:30
The Armenian dram plunged 4 points within few days. This multifactorial phenomenon has a negative impact on Armenia's economic indicators. The recent devaluation, experts believe, will not lead to a greater purchasing power of transfer payments, as expected by the Central Bank, since 85 percent of transfer payments come in rubles from Russia. The Russian ruble has recently dropped 35 percent.

“The devaluation of the Armenian national currency is a multifactorial phenomenon but it should have happened sooner because there were not supporting conditions for maintaining the exchange rates as they were,” said Mikayel Melkumyan, MP of the Prosperous Armenia Faction, at the Media Center initiated panel discussion.

Vilen Khachatryan, economist, believes the Central Bank has deliberately chosen the tactics of one step, sharp devaluation to avoid any negative expectations in the economy and repress speculations.

Vahagn Khachatryan, economist, member of the Armenian National Congress Party, thinks it strange that the 2015 state budget does not specify any exchange rates for the coming year. “In the current variant the exchange rate is 411 AMD per one US dollar while now the rate amounts to 435 AMD,” he noted.

“The problem is much more serious than we can imagine. Commercial banks are at a loss and there is a great demand for foreign currency. Perhaps there is also a lack of trust,” he added.

Vazgen Safaryan, Head of the National Manufacturers’ Union, said devaluation may boost export volumes but the Russian ruble continued its plunge against US dollar and it worries Armenian businessmen. “But we especially within the Eurasian Economic Union will be able to strengthen our position in the market and develop our production,” he said.

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