DRAM DEVALUATION TO PROMOTE EXPORTS, UBA CHAIRMAN STATES

news.am
April 2 2010
Armenia

The devaluation of the Armenian dram will have a positive impact on
exports from Armenia, Chairman of the Union of Banks of Armenia Ararat
Ghukasyan told a press conference. According to him, the Armenian
national currency is devaluating in conformity with market mechanisms,
that is, supply and demand.

Ghukasyan said the Armenian dram remained stable during the panic
two weeks ago, which will have a positive impact on the economy.

"The market shows a favorable behavior, the U.S. exchange rate has
fallen from U.S. $1/415 AMD down to U.S. $400," Ghukasyan said,
without making any forecasts.

As regards consumer prices, he pointed out that they will depend on
the economic activity in the latter half of this year, as well as on
money transfers.

According to official forecasts, a 6-7 per cent price rise is expected
in Armenia, but numerous economists disagree with the forecasts.