APPRECIATION OF US DOLLAR IN ARMENIA WILL NOT LEAD TO INCREASE OF EXPORT FROM ARMENIA, LOCAL ECONOMIST SAYS
ArmInfo
2009-03-04 12:16:00
ArmInfo. The appreciation of US dollar against Armenian dram will
not increase export from Armenia, local economist Tatul Manaseryan
told ArmInfo when commenting on the sharp fall of Armenian dram.
‘Devaluation of Armenian dram is not enough to increase the falling
export.
This process needs complex measures in this dimension>, he said. T.
Manaseryan said that in conditions of non-interference by the
Central Bank into the transactions at foreign exchange market as
well as the floating rate of Armenian dram, the exchange rate of
national currency will rely on the real sector, which is in poor
state. Given the constantly negative trends of export from Armenia and
the constantly growing unfavorable balance of trade in the country,
it is very difficult to make any forecast of the ratio of dram to
dollar for the nearest future’, Manaseryan said.
By data of the National Statistical Service of Armenia unfavorable
balance of trade in Armenia fopr 2008 totaled $3,342.6 million or 28%
of GDP.
Foreign trade turnover was up 24% for 2008 and 3.3% in December as
against November to $5480.8 million (1676.2 billion drams).
Unfavorable balance of trade in Armenia for Jan 2009 totaled $185.9
million or 43.3% of GDP. Foreign trade turnover fell by 24.5% for
Jan and by 47.9% as compared to Dec 2008 totaling $245.3 million
(77.9 billion drams).