CIGARETTE IMPORTERS TAKE TIMEOUT, REVIEW PRICES

PanARMENIAN.Net
03.03.2009 18:30 GMT+04:00

/PanARMENIAN.Net/ Armenian cigarette importer Avers suspended the trade
today and closed the offices for stocktaking because of USD exchange
rate upsurge, Avers accountant, Ms. Sara Sepanyan told PanARMENIAN.Net
reporter today. "We’re all waiting for the development of events. Right
now we are consulting together to determine the exact raise in product
price. "Even if prices grow, we’ll do our best for them not to affect
our consumer’s finances too much."

VIDIS Distribution, the financial adviser of Philippe Morris
representation in Armenia, stated that no price changes have been
effected. "We could be condidering the possibilities of price change
later," the company representative noted

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.

Dram/euro exchange rate reached AMD 440 (against 387).

The upsurge followed CB President Arthur Javadian’s statement on
cessation of control over the foreign currency market and return to
floating rate policy.

According to the Central Bank, the dollar exchange rate will fluctuate
from AMD 360 to 380 in 2009.

From: Emil Lazarian | Ararat NewsPress