U.S dollar to fluctuate from amd 400 to amd 850 in Armenia: Armenian
ex-premier

YEREVAN, March 13. /ARKA/. Fluctuation of the U.S. dollar exchange rate
is going to range from AMD 400 to AMD 850, Armenia’s ex-prime minister
Hrant Bagratyan said.

`I believe the U.S. dollar/Armenian dram exchange rate is going to
range from AMD 400 and AMD 850 per $1. I do not want anyone to focus on
AMD 850,’ he said, adding everything depends on how much Russian
remittances to Armenia will reduce this year.
Criticizing the authorities, Bagratyan said: `To overcome the global
crisis, the authorities should undertake emergency measures instead of
remaining inactive.’

To soften the negative impact of the global financial crisis on
Armenia’s economy, the RA Government set up on December 11, 2008 an
anti-crisis task force to discuss programs for the private sector. The
Government also agreed on the 2009 state budget redistribution and
suspension of the mid-term expenditures program for 2010-2012. The
budget redistribution will not affect social expenditures, including
benefits, pensions and salaries. The government will keep backing key
economic and military programs.

Bagratyan also urged the government against allowing the Central Bank
to influence the foreign currency exchange rate. He also called on the
Central Bank of Armenia (CBA) to extend national currency loans.
On March 3, the Central Bank of Armenia (CBA) officially returned to
the floating national currency exchange rate.

According to CBA experts, the Armenian dram /U.S. dollar exchange rate
is expected to range from AMD 360 to AMD 380 per $1. On March 3, the
U.S. dollar surged from around AMD 308 to AMD 400 per $1, with prices
of butter, vegetable oil, flour, sugar and petrol rising at once.

According to Aramyan, the margin between the past days’
foreign-exchange deals shows that the Armenian dram exchange rate has
stabilized. `0–