ARMENIA: COUNTERS BECOME EMPTY, SUPERMARKET DIRECTORS WAIT FOR RISE IN PRICES

PanARMENIAN.Net
03.03.2009 20:53 GMT+04:00

/PanARMENIAN.Net/ Today the Management of Star Supermarkets Chain
suspended the trade because of foreign exchange market panic. The
population is actively buying up essential goods and supermarket
management is awaiting price raise. Star supermarket management refused
to answer the questions of PanARMENIAN.Net reporter, yet noted that
a price raise is to be expected in near future.

In another major supermarket , SAS, the management is not concerned
about the current situation and stays assured that no serious problems
are expected. No price change has been registered at SAS and Star
supermarkets since the morning.

Current exchange rate at supermarkets is fixed at: AMD 350-395 to 1
USD, AMD 9-12 to 1 RR, AMD 420-505 to 1 EURO

According to State Commission for Protection of Economic Competition,
a price raise for some products has been registered, information from
major business entities received, warnings given, and legislation
norms clarified which promoted a certain price raise control.

The dram-to-dollar exchange rate has gone up to AMD 360/$1 in few
hours today against yesterday’s 305 -310 index for sale and purchase
respectively.

In the past days, the purchase of U.S. dollar was extremely limited.