Floating exchange rate remains in the focus of attention of economists
09.03.2009 13:00

Hasmik Dilanyan
`Radiolur’

`The policy of floating exchange rate remains in the focus of attention
of government officials, economists and common citizens.
Representatives of the legislative and executive bodies and an
independent economist today spoke about the devaluation of the dram,
the appreciation of the foreign currency and the rise of prices.

According to Deputy Minister of Finance Vardan Aramyan, the Government
has always respected the decision of the Central Bank. The return to
the floating exchange rate was the decision of the Central Bank.
According to the representative of the executive body, the decision was
objective: `It was necessary to let the exchange rate adjust to
economic fundamentals, otherwise it would bring about greater problems
for economy.’

MP Artsvik Minasyan never thought dram would depreciate. Moreover,
during the discussion of the State Budget for FY 2009 ARF
Dashnaktsutyun faction had suggested shifting to the floating exchange
rate policy, but gradually, not immediately. However, until now the
Government has not calculated whether the gradual shift to the floating
exchange rate requires greater expenses or not.

Economist Tatul Manaseryan expressed the opinion that the government
has spared great sums to maintain the dram rate. `It was inadmissible
to spare those sums to maintain the rate of the Armenian dram. I stand
for gradual shift to the floating exchange rate,’ he said.