IN CASE OF DOLLAR DEVALUATION, BUDGET MAY BECOME 3 MILLIARD
A1+
[07:58 pm] 18 September, 2007
"The exchange rate of a dollar has reduced to its historical minimum,
while in Armenia it has increased in 2 percent", said economist Edward
Aghajanov to "A1+" . To remind, two days ago the exchange rate of a
dollar was 334 darms, today it is 341 drams.
"The price of a dollar in Armenia is out of logical boundaries. There
is no economic motivation for it. It is a game in favor of this or
that individual, where everything is irrational", said the economist.
Edward Aghajanov describes the situation in Armenia this way:
"Whenever the exchange rate of a dollar decreases in 2 percent,
our society gets bewildered, since according to the Central Bank,
it means that the economic growth stops, tourists diminish and all
our relatives that transfer money to us from abroad become insolvent".
"When the value of a dram decreases, they imagine the opposite
picture", continued Mr Aghajanov noting that it was impossible to
give any reasonable explanation to this. "We have no relations with
the world market and it is impossible to explain, though some factors
may influence on dram-dollar relations".
There are some predictions that the exchange rate of a dollar will
reduce to 320 drams, while until 2010 – to 200 drams. Mr Aghajanov
refused to comment on this: "It is impossible to do any predictions
in Armenia, since nobody knows what the authorities yearn for".
"Our budget may be 3 milliard dollars as the shady economy in our
country prevails. If the exchange rate of a dram increases, dollar will
decrease, thus the budget in dollars seems more", said Mr Aghajanov.