YEREVAN, May 19. /ARKA/. Prices for 11 key foodstuffs in Armenia were the double or triple of the market prices in 2008-2013, say Hayk Sargsyan and Ashot Markosyan, the authors of the book entitled “Transformation and development prospects of the Armenian economy”, according to “Hraparak” newspaper.

The book finalizing the results of the economic development in the country since 90ies till now has spurred discontent among business elites as it indicates the foodstuffs were sold in Armenia at artificially overvalued prices, as compared to quite low purchasing price levels, the newspaper says.

In particular, beef costing about 816.91 drams per kilo in the global market in 2008 was imported to Armenia at 510.52 per kilo, but the retail beef price was then 1,589.90 drams per kilo (211.4% higher).

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Armenia’s gross international reserves will amount to about $1.5 billion by the end of the first quarter 2015, Haykakan Zhamanak (Armenian Time) says referring to the press office of the central bank

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The Armenian dram may further drop – by another 15-20% in the next months, provoking a new inflation wave, former prime-minister of Armenia, member of the National Assembly Hrant Bagratyan said in his interview to Zhamanak (Time) newspaper

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