A visitor of Armbanks asks:
“EBRD Chief Financial Officer Manfred Schepers, commenting on Russia’s decision to issue ruble bonds, said that Armenia and Tajikistan may benefit from it because of Russia’s increasing economic and political role and that Russian ruble was an ideal candidate to become a regional reserve currency for former Soviet rpoeublcius which make the Commonwealth of Independent States as Russia’s political, economic and cultural influence in these countries was on the rise. What do you think about this?”
Arshaluys Margaryan, chief of the Armenian Finance Ministry’s division in charge of handling the country’s state debt, answers this question:
“Regarding balance of payment transactions in rubles, the fact is that the trade between Armenia and other former Soviet republics has been showing a slight contraction trend.
Besides, Armenia trades with former Soviet republics mainly in U.S. dollars, and usage of ruble is quite rare in Armenia’s trade with foreign countries.
Russia extends loans to Armenia in dollars.
The share of ruble in the central bank’s reserves is very small amid insignificant usage of Russian currency in the private sector’s foreign trade transactions.
In addition to it, ruble is not viewed as reserve currency, and any effort to enhance the role of ruble would be needless in Armenia.”
