BUSINESSMAN: FORCE MAJEURE SITUATION IN ECONOMY (VIDEO)

17:12 | March 25,2015 | Economy

We are witnessing a ‘force majeure’ situation in the economy, says
Republican lawmaker Alexan Petrosyan.

“Many businesses have closed down, there has been a sharp decline
in production volumes, export and import. Naturally, this will
lead to the reduction of taxes,” said Mr Petrosyan, the owner of
“MAP” Company that procures agricultural products and exports its
productions overseas. However, the products exported by MAP are no
longer competitive outside Armenia.

“The euro has depreciated by 40% in Europe and the Russian rubble
by 100%, making our productions non-competitive in foreign markets,”
he said.

The lawmaker says the Armenian Parliament cannot do anything to change
the situation. The situation can be amended by the government in 2-3
months. “The dram should reflect the production line and I think one
dollar should be traded at 800 drams. Loans should be reformulated
in the Armenian dram. Also the government is to adjust pensions and
since our import exceeds export four times,” he said.

The MP says Armenian products should be cheaper, especially for
Russian consumers. “The same product imported to Russia from other
countries is less expensive,” he said.