Wednesday, June 6 2012 17:27

Ex Chairman of Armenia's Central Bank: AMD's depreciation caused by past parliamentary elections


ArmInfo. AMD's depreciation was caused by the past parliamentary elections, ex Chairman of Armenia's Central Bank Bagrat Asatryan.

He told journalists on Wednesday that national currencies are depreciating in many CIS countries, including Russia.

"Unlike the economy, our foreign exchange market does not depend on Russia. So, the past elections seem to be a more realistic explanation than some external influence. During the election campaign people were given lots of cash. As a result, the flow of AMD grew, while its rate dropped," Asatryan said.

He does not think that the fluctuating AMD rate is dangerous for the Armenian economy. Simply, the oligarchs want to get their money back. "In our country the general economic rules are ineffective. Everything depends on those in power and their appetites," Asatryan said.

To note, in early 2012 AMD/USD exchange rate was 370 AMD/1 USD. On June 6 it was 412.5 AMD/1 USD.
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