CENTRAL BANK SAYS DOLLAR TO CONTINUE LOSE ITS VALUE AGAINST ARMENIAN DRAM

ArmenPress
Feb 8 2005

YEREVAN , FEBRUARY 8, ARMENPRESS: Central Bank chairman Tigran
Sarkisian told a Monday news conference that the US Dollar that
devaluated 15 percent against Armenian national currency dram in
2004, will continue to lose its value in 2005. He added that the
Central Bank is not going to intervene in this process and will
remain faithful to the policy of “floating exchange rate.”
“We do not give assessments concerning the dram’s rate and make no
forecast, like we cannot fight against Dollar’s devaluation and plan
no such measures,” Sarkisian said. Sarkisian said if economic
entities and individuals see that it is more profitable to keep their
money in drams, there will be no deficit for it in the domestic
market.
According to Sarkisian, last year Armenians working abroad sent
home some $740 million. He added that according to Central Bank
forecasts, price growth rate this year will make 7 percent and the
average household’s income will grow by 12-14 percent.