APPRECIATION OF DOLLAR IN ARMENIA IN RECENT DAYS CONDITIONED BY UPCOMING ELECTIONS

Noyan Tapan
Mar 13 2007

YEREVAN, MARCH 13, NOYAN TAPAN. The US dollar’s appreciation in
Armenia in recent days is conditioned by the upcoming parliamentary
elections. Economist Eduard Aghajanov said at the March 13 press
conference that the exchange rate of the dollar will continue rising
in April and May. In his words, "some people, who bought dollars
at a low exchange rate previously, must sell them at high prices so
that "this campaign will be cheap or free of charge." According to
E. Aghajanov, in 2006, the import growth rate was 7 times as much as
the export growth rate of Armenia, with these rates making 3.1% and
21.8% respectively. Exports grew only by 30 million dollars. Besides,
in 2006, foreign trade deficit grew by 44% under conditions of 13.4%
GDP growth. In 2003, foreign trade deficit made 591 mln USD, while
last year – 1 bln 190 mln USD. E. Aghajanov said that it shows that
Armenia’s economy is unpredicatble.

From: Emil Lazarian | Ararat NewsPress