CBA TO EXAMINE IMPACT OF RUBLE-DOLLAR EXCHANGE RATE FLUCTUATIONS ON AMOUNT OF REMITTANCES FROM RUSSIA
Noyan Tapan
Jun 14 2006
YEREVAN, JUNE 14, NOYAN TAPAN. The Central Bank of Armenia (CBA) is
taking steps for examination of the impact of Russian ruble-US dollar
exhange rate fluctuations on the amount of remittances from Russia to
Armenia. IMF Resident Representative to Armenia James McHugh stated
this on June 14 during a seminar "The Role of IMF in Transitional
Economies" organized by the CBA.
He said that the Armenians currently working in Russia often exhange
their incomes in Russian roubles for dollars and then transfer these
amounts to Armenia. According to him, during surveys, those receiving
remittances from Russia usually do not provide correct information
about the amount of remittances.
It is noteworthy that according to experts, a large share of
remittances of over 1 bln USD that those Armenians received from abroad
in 2005 was from Russia. Remittances have a considerable impact on
Armenian dram – US dollar fluctuations.
J. McHugh noted that based on the data of an IMF’s analysis published
in late 2005, the exchange rate of the dram was undervalued in the
past few years, whereas today there is a tendency to value it higher.