Thursday, March 28 2013 18:15
AMD will continue to depreciate
ArmInfo. AMD depreciation and capital outflow will continue in Armenia, former Chairman of the Central Bank of Armenia Bagrat Asatryan told journalists on Thursday.
He said that the high growth in exports and the continuing inflow of private transfers should have improved economic conditions in the country were it not for outgoing capital and shrinking foreign reserves.
According to Asatryan, last year Armenia's foreign reserves shrank by $170mln and by $100mln in Mar 2013 alone.
Asatryan expects capital outflow and decline in direct foreign investment to be the key trends in Armenia's economy in the near future. "As much as $500mln had gone out of the country as of Oct 2012," the expert said.
As regards the possibility of growing inflation as a result of AMD depreciation, Asatryan believes that Armenia is not a country where inflation should be lower than in Europe.
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