PANIC BUYING IN ARMENIA, SELLERS URGED NOT TO RAISE PRICES

Interfax
March 3 2009
Russia

The dollar’s exchange rate in Yerevan’s exchange outlets grew from
307 to 390-400 drams in just a few hours on Tuesday.

Most of the exchange outlets no longer sell dollars, which the sellers
explain by the dollar’s anticipated sharp rise.

Individual supermarkets suspended sales to see how the price policy
will continue. In some large stores the price for sugar and oil went
up by 20%. People formed lines to buy necessity goods.

The price of gasoline has risen. One liter of gasoline, sold at 240
drams before the national currency fell on Tuesday, is now sold at
310 drams.

The State Commission for the Protection of Competition reported that
the list of goods to be monitored has been extended from 25 to 40.

It urged companies to refrain from unreasonable price hikes.

The Central Bank of Armenia limited its interventions on the domestic
currency market on Tuesday and returned to a floating exchange rate.

From: Emil Lazarian | Ararat NewsPress