This is not disaster – Armenian economy minister comments on national currency devaluation

15.12.2020 17:02
This is not disaster – Armenian economy minister comments on national currency devaluation

YEREVAN, December 15. /ARKA/. Armenian Economy Minister Vahan Kerobyan, in an interview with Azatutyun Radio, suggested not to consider the devaluation of the dram as a catastrophe, but instead to take into account things in neighboring countries.

“This is not a disaster. Have you seen what is going on in our neighbors or in countries that are in the same economic zone with us? Despite the fact that we were at war, the dram was devalued less than (national currency) of Russia or Kazakhstan, which did not participate in the war," he said in his televised interview.

According to Kerobyan, this first of all shows the effective work of the Central Bank in ensuring price stability.

The minister also stressed that it is extremely important especially for the export and exporters of Armenia that the dram is devalued in proportion to the national currencies of the country's main foreign trade partners.

The average market rate of the US dollar against the Armenian dram, formed in the Armenian foreign exchange market following the results of December 14, increased by 1.84 drams, up to 522.46 drams, compared to the figure on December 11.

The rate of the American currency overcame its psychological barrier of 500 drams on November 19, when it made 500.82 drams per $ 1. The last time such a rate was recorded in March 2020. The euro rate as of December 14 reached 635.00 drams. ($ 1 – AMD 522.46). -0-


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