Armenia needs phasal steps before adopting EEU common currency

17:46 • 13.03.15

Before adopting the common currency proposed by the Eurasian Economic Union (EEU), Armenia needs to implement phasal steps to avoid a conflict of interests and resulting negative developments, says an economist.


Speaking to Tert.am, the Control Chamber’s first president, Ashot Tavadyan, stressed the need of a coordinated monetary-loan policies and refinance interest rate.


He cited the EEU accession treaty, Article 63 of which says that price surge in the member states should be less than 5% higher from the inflation rate of those countries where surge appears to be the lowest.


“The treaty of course calls for a coordinated monetary-loan policies. But in that case, the currency exchange rate too, should be maximum proportionate,” Tavadyan added.


He said it is also possible to create a special fund which would compensate social expenses in case of an essential currency change in any of the countries.


“The changes should be proportionate against the US Dollar, and the Euro and correspond to the inflation rate in the countries in question,” he added.


As for the refunding interest, Tavadyan said he finds it too high compared to the general inflation rate. He said he doesn’t think that such a rate potentially contributes to economic growth. “A coordinated monetary-loan policies apply also to currency,” he said, noting that last year’s double slump in the oil prices slowed down the currency flow to Russia, raising US Dollar’s price almost all around the globe.


Tavadyan said he expects the common currency plan to lead to a conflict of interests among the EEU member countries, but added that Armenia can avoid possible problems in case pf actively protecting its interest.

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