ARMENIAN DRAM STRENGTHENED BY 37% IN THE COURSE OF LAST THREE YEARS

Panorama.am
16:49 16/10/06

In the course of the last three years, the Armenian dram strengthened
against the American dollar by 37%, chairman of Central Bank Tigran
Sarkisyan told a parliamentary hearing today.

In his words, the strengthening of the national currency creates
a number of problems for the population. Those parts of the public
suffer the most who keep their money in foreign currency. Revaluation
of dram also negatively affects the incomes of citizens who receive
salary in the American dollar.

This concerns employees of international organizations, some mass media
as well as public sector employees and the shadow economy. The third
group make up citizens who receive money transfers from abroad. He
said 37% of households receive money transfers. Finally, he said
Armenian exporters suffer because they face competition problems in
the international market. Sarkisyan said the government of Armenia has
approved the list of actions targeting reduction of dollar turnover
volume in the country.