ARMENIAN ANTIMONOPOLY COMMISSION IN CONTROL OF SUGAR MARKET

/ARKA/
August 26, 2009
Yerevan

Armenia’s State Commission for Protection of Economic Competition
is in control of the sugar market: there is no reason for concerns,
the Press Secretary of the Commission Armine Udumyan reported.

The control is maintained taking into account concerns of Armenian
consumers over the sugar prices and possible sugar deficit, says
the report.

According to the most recent information, unfavorable weather
conditions in India, a major world sugarbeet supplier, led to low crops
and, consequently, high sugar prices in the world market. According
to the Commission, another contributing factor in Armenia was dram
devaluation that caused a 10-20 drams’ rise in sugar prices.

So far no violations of antimonopoly legislation have been recorded
in the market, the Commission reports.

"In any case, the market situation is under control, and appropriate
measures will be taken if required," says the press release.

Today sugar costs 280-300 drams per kilogram in Armenia against
260drams per kilogram before. The sellers attribute the price rise
to dollar revaluation.

According to the Central Bank of Armenia, dollar versus dram rate
went up from 360-361 drams for $1 in the beginning of August to 375.8
drams for $1 on August 21.

U.S. dollars were sold at 380-382 drams for $1 at currency exchange
offices as from August2021. ($1=375.39drams).