"WE SHALL WITNESS MASS IMPOVERISHMENT"

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[08:19 pm] 04 March, 2009

"The dram devaluation will do irreparable harm to most Armenians. Over
90 percent of our people will suffer damages," says Heritage MP
Larissa Alaverdyan.

The sharp increase of the exchange rate will harm the most vulnerable
layer of the society, as well as small and medium-sized businesses.

Larissa Alaverdyan regrets that the government didn’t carry out a
policy of floating currency in due time. "Some minor groups enjoyed
super profits over the last few months. Thus, the aim was to serve
the interests of a group."

Obviously, the exchange rate policy is concentrated in the hands of a
political force which is coalesced with business. Today we have what
we have. I think the aftermaths will be much more serious. We shall
witness mass impoverishment