Parliament member predicts further depreciation of national currency

27.01.2010 21:35
Parliament member predicts further depreciation of national currency

YEREVAN, January 27, /ARKA/. Vardan Bostanjian, an Armenian parliament member and a deputy chairman of a committee on economic issues, predicted today a further depreciation of the national currency Dram, saying it will be trading over 400 Drams per one USD in 2010. ‘It is evident that Dram will be losing its value,’ he said speaking at a news conference.

According to Bagrat Asatrian, a former Central Bank governor, there is no grounds to expect dramatic developments at Armenia’s foreign exchange market unless ‘the government or the Central Bank enforce stupid and short-sighted decisions.’

Armenia’s Central Bank reverted to the floating exchange rate of Dram on March 3, 2009. The 2010 budget projects that Dram will be trading at 376 per one USD in 2010. ($1 – 377.83 Drams).  -0-


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