Chzmachyan says sharp devaluation of dram to favor exporters poses macroeconomic risks

All news related to Chzmachyan

26.05.2016 18:47

YEREVAN, May 26. /ARKA/. Sharp devaluation of the dram, Armenia’s national currency that could open up new prospects for Armenian exports, carries significant macro-economic risks, according to Samvel Chzmachyan, the chairman of the Union of Banks of Armenia.

Speaking today at a meeting of the International Banking Council in Yerevan, he said some CIS countries practice artificial depreciation of their national currencies against US dollar and euro to promote national exports.

"Many countries with high, sometimes double-digit inflation, resort to aggressive devaluation of the national currency, which, apart from short-term positive effects, does not promise anything good in the medium and long term,’ he said.

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Tags: Chzmachyan, DEVALUATION, DRAM

Recent dram revaluation due to improvement of Armenia's payment balance external account

23.10.2015 16:15

The recent revaluation of the Armenian dram was due to the improvement of the external account of Armenia’s payment balance, Smvel Chzmachyan, the head of the Union of Banks of Armenia, said in an interview with Zhamanak (Time)

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Tags: Armenia, Chzmachyan, DRAM, revaluation

Armenian banks cautious in lending money because of high mandatory reservation requirement

22.10.2015 18:45

Armenian banks became cautious in lending money as the central bank doubled its requirement of mandatory reservation in foreign currencies, Samvel Chzmachyan, the chairman of the Union of Banks of Armenia said in an interview with Zhamanak

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Tags: Armenia, bsnks, Chzmachyan, lending

Sharp currency fluctuations not in the interest of Armenian banks at all – Chzmachyan

15.12.2014 16:29

Sharp currency rate fluctuations are not in the interest of Armenia’s banks as they lead to higher risks that are less manageable

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Tags: Banks, Chzmachyan, EXCHANGE

Chzmachyan: no sharp dive of armenian dram seen recently

13.02.2014 19:35