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Armenian Dram not threatened by redenomination

04.06.2010 17:44

Armenian Dram not threatened by redenomination

YEREVAN, June 4, /ARKA/. A former chairman of Armenian Central Bank said today Armenian national currency, the Dram, is not threatened by a redenomination. Bagrat Asatrian, who served as Central Bank governor in ex-president Levon Ter-Petrosian’s administration, said redenomination is not just a technical issue.

‘For the authorities to enforce redenomination there should be prerequisites for qualitative changes in economy, when robust economic growth is guaranteed. Otherwise arithmetic will be arithmetic and removing one or two zeros from Armenian Dram will give nothing to the economy,’ he said.

According to him, making forecast about the exchange rate of USD against Dram is a thankless job.

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Tags: Armenia, DRAM, redenomination

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