ARMENIA NEEDS NO CHANGES OF CURRENCY POLICY
ARKA
Feb 17, 2009
YEREVAN, February 17. /ARKA/. Armenia does not need any changes of its
currency policy, Age Bakker, Executive Director of the International
Monetary Fund (IMF), stated at Yerevan State University, responded to
a question about the possibility of Armenia’s joining the rouble zone.
Armenia has a profound currency policy and does not need to change it,
Bakker said.
He pointed out Armenia’s rather flexible currency policy and has been
maintaining its stable positions for a long time, whereas many other
national currencies, including the Russian rouble, have depreciated.
According to him, the dram balance is to be in equilibrium in Armenia.
The Armenian authorities and financial institutions can maintain the
macroeconomic and financial stability along with the competitive
positions depending on the exchange rates, actual demand and
international situation, Bakker said.
The floating exchange rate policy was launched in Armenia in 1993
and has been welcomed by international institutions.
>From 2003 to 2008, 47.3% USD depreciation against the AMD was
registered in Armenia. January 8 through 29, the USD showed 0.7%
depreciation against the AMD. This January, the USD average exchange
rate was 305.53 AMD/$1 – a fall of 0.4% as compared with last January
(306.83 AMD/$1).