DEVALUATION OF ARMENIAN DRAM RESULT OF ACTIVITY OF BANKRUPT-PREMIER: OPPOSITION PARTY

Trend, Azerbaijan
March 4 2009

Devaluation of Armenian dram is the result of the activity of the
bankrupt- premier Tigran Sargsyan, Chairman of Ramkavar-Azatakan Party
of Armenia Haroutiun Arakelyan said at a press conference Wednesday. He
said the drams should not have been so sharply devaluated against
foreign exchange, reported ArmInfo.

‘Central Bank should have been waging floating rate policy long
ago. Devaluation of dram should have been gradual and not so sharp. As
a result, we faced 30-40 percent rise of prices’, Arakelyan said.

He said the government failed to bring big companies having surplus
profits to the tax field. ‘Government actions were aimed against the
small and medium-sized entrepreneurships. The government proved ot
brave enough to tax big companies’, Arakelyan said.