OFF WITH DOLLARS, RUBLES AND EUROS
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| 21:19:32 | 03-10-2005 | Economy |
The value of the Armenian Dram will continue to rise and it is not yet
clear how long the process will last. The Currency International Fund
is at present analyzing the economy of the South Caucasian countries
and giving advice to the authorities. The Armenian Central Bank does
not lead a policy of floating exchange rate, neither does it lead a
policy of fixed exchange rate.
This was mentioned by the CIF Central East and Central Asia
administration deputy head Julian Berengo. Today in the CIF Armenian
office the presentation of the booklet about the South Caucasian
countries and Kazakhstan took place. There is a flattering line in
it about our country.
“The exchange rate policy in Armenia is flexible, and in the other
three countries it is not”. This year it resulted in only 3% inflation
in Armenia, while in Azerbaijan it was 15%, in Georgia – 7.3% and in
Kazakhstan – 7.5%.
The value of the Armenian Dram rises as there is a flow of currency
from abroad into Armenia, which results in inflation of more than
10%. By the advice of the CIF the Central Bank raises the value of
ARMD in order to avoid inflation.