WHY TO KEEP DOLLARS NOT DRAMS

Aysor
Aug 25 2009
Armenia

"Why do people keep dollars not drams? Why does everybody change
drams into dollars? …especially the juridical persons, I can
understand the natural ones". These questions were uttered today
in a conference by Emil Soghomonyan, the chairman of the Union of
Banks of Armenia. And he answered: "This is the imperfect state of
legislation. The law on currency must refer not only to the banks
but also to the managing bodies.

As to him, in Armenia the dollar could not have been overvalued and
dram devalued so much. The dollar could have been overvalued if there
were a raise in the economy of the USA. Emil Soghomonyan stated that
no raise in the money amount was registered in Armenia, and when the
transfers became less, the growth in the economy also was decreased.

The financier also criticized those trying to earn money on dollar-dram
exchange business.

Emil Soghomonyan does not exclude the fact that one day no one will
need dollar. "The international events can’t be predicted".

"The republic is being dollarized more than it was by 2000. If we start
saving only dollars, the results will be crucial, not only in Armenia
but in any other country, e.g. in China",- mentioned the specialist.

Emil Soghomonyan thinks that if we change our money recourses into
dollars, then the government is to make a decision about extracting
drams from circulation and accepting other currency, as a means
of payment.