DOLLAR EVALUATION WILL HURT PEOPLE USING DRAMS
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[07:34 pm] 03 March, 2009
"People who used to earn a living in drams and take care of their
expenses using drams are currently vulnerable," says "Prosperous
Armenia" party deputy, economist Vardan Bostanjyan regarding the
dollar-dram relations.
Bostanjyan considers the rise of the dollar as normal.
"Even the world’s most steadfast rate, the funt-sterling, rose. This
had to happen whether Armenia wanted it or not. This is right no
matter if it is accepted or not," says Vardan Bostanjyan. He doesn’t
think that the authorities were doing the right thing by keeping the
dram rate artificially stable.
"That was simply impossible. It meant throw a huge amount of money
in the market. Everything is getting back to order," said Bostanjyan.
Bostanjyan expects to see a balanced rise of the dollar and devaluation
of the dram.
"I have always said that the evaluation of the Armenian dram was
artificial," says Bostanjyan adding that he doesn’t believe the
economic policy of the authorities is right.
The economist predicts that this could lead to a positive result for
some businessmen and a negative one for others, but one thing remains
true: there will be more real competition.
The dollar rate for Armenia’s state budget has been fixed at 302.44
drams, but the authorities had warned that the rate might change.