RUSSIAN MARKET PROSPECTIVE FOR ARMENIAN EXPORT GIVEN APPRECIATION OF RUSSIAN RUBLE
ArmInfo
2009-07-27 14:14:00
ArmInfo. Russian market prospective for Armenian export given
appreciation of the Russian ruble, Lev Freinkman, Advisor of Russian
Governmental Academy of Agriculture told ArmInfo. He said Armenia
can gain if it prevents appreciation of the Armenian dram following
appreciation of the Russian ruble.
The Russian ruble against the US dollar in early August 2008 fell from
23.5 rubles to 36.2 rubles in early February. Now, it is a little
higher than 31RUR/US$1. In March 2009 the Central Bank of Armenia
announced changeover to the floating rate of foreign currency and the
national dram fell from 305 to 360- 370 drams per 1 U.S. dollar. At
present the exchange rate averages 365AMD/US$1.
Nevertheless, L. Freinkman said export from Armenia is unlikely to
grow significantly only due to reduction of the national currency
rate, for the national currencies almost in all the neighbor-states
have fallen as well.
"Second – which is more important than the exchange rate – the
situation istoo shabby to settle it just by changing the exchange
rate especially within some three months. It requires entry into
new markets, development of export strategy and its support by the
government. For instance, the result of change in the exchange rate in
Estonia can be seen in a month, for markets there are tapped and the
main markets in Europe are at a distance of 200 kilometers, business
enjoys long-term and direct contacts with European partners. Export
from Armenia cannot be extended so easily," he said.