Reasons for Armenian currency depreciation not new – economists

14:52 • 01.12.14
Economy

There are no reasons for the Armenian dram (AMD) to retain the present exchange rate, Prosperous Armenia parliamentary group member Mikael Melkumyan said at a discussion on Monday.

“This is the impact of AMD/USD exchange fluctuations and worsening economic situation in Russia on Armenia. Let the market regulate the exchange rate. We say it is a floating exchange rate. This is a multifactorial phenomenon. And the sanctions against Russian have doubtless played a great role in the USD appreciation” he said.

Lower exports are among the aforementioned factors as well.

Armenia’s Central Bank recently issued a statement on exchange rates as well.

Armenian National Congress (ANC) party member, economist Vahagn Khachatryqan, Chairman of the Union of Native Commodity Producers Vazgen Safaryan and economist Vilen Khachatryan are pessimistic as well.

“How is it that the Central bank issues a statement on the budget, which does not say a single word on the need to set the AMD/USD exchange rate at AMD 460/$1 rather than AMD 411/$1. It does not contain a single word on risks or any serious proposal,” Mr Vahagn Khachatryan said.

With respect to the Central Bank’ statement, Mr Vilen Khachatryan said:

“A step has been made in the hope that no unfavorable forecasts will be made, because pessimistic forecasts are normally long-standing ones and cause essential depreciation.”

The International Monetary Fund (IMF) welcomed the Armenian Central Bank’s measures.

“Depreciated Russian currency will not acquire greater purchasing power here. As to export, Armenia’s exports are stable and will not be affected.”
 

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