INFLUENCE OF EXTERNAL SECTOR ON INFLATION IN ARMENIA, NET OF INTERNATIONAL WHEAT PRICES, ALREADY FELT
arminfo
2007-08-13 14:25:00
The influence of external sector on the inflation in Armenia, net
of international wheat prices, has been already felt since the third
quarter of 2007. At the same time, development of the foreign sector
in July met the forecasts of the Armenian Central Bank (CB), the press-
service of the Armenian CB told ArmInfo.
The source reports that since the third quarter of 2007, devaluation
of US dollar exceeded the envisaged indicators due to the return of
subprime loans to the real estate market. Moreover, euro rose to the
highest level in its history in the international market and exceeded
$1.38 USD/1 EUR. English pound reached its top in July over the last
26 years and totaled $20.5 USD.
As regards international prices for raw materials, they also
exceeded the envisaged level. Thus, oil prices in July stably grew
to the maximal level of $78 USD per barrel. Gold prices met the
forecasts. While, copper kept growing in price.