Share of euro in total amount of foreign currency in Armenia less than 5%

25.05.2010 12:36
Share of euro in total amount of foreign currency in Armenia less than 5%

YEREVAN, May 24. /ARKA/. The share of the euro in total amount of foreign currency in Armenia is less than 5%, Arthur Javadyan, chairman of the central bank, said Saturday in Armenian National Assembly.

“The share of the euro in our foreign currency assets is very small,” he said. “Our economy is dollarized a great deal, and this is one of our society’s illnesses”

Javadyan said that specialists haven’t used euro in their deals on Armenian stock exchange for two or three years.

Remarkable is also that Armenian businessmen use the dollar, not the euro, while dealing with European countries.

“That is why we have no problems with fluctuation of the euro exchange rate on markets. Regardless of whether the euro devaluates or not, the European currency in Armenia is sold through euro/dollar cross rate. The main indicator of our and foreign currencies is Armenian dram/dollar exchange rate,” Javadyan said.

He said that the government is trying to curb dollarization and intends to propose another package of legislative amendments. -0--


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