Monday, December 1 2014 19:48

Economist: AMD's drop will boost poverty in Armenia


ArmInfo. AMD's drop will boost poverty in Armenia, economist Vilen Khachatryan told journalists on Dec 1.

"The key reason is that most of loans in Armenia are in USD, so, borrowers will face difficulties in repaying them," the expert said.

The National Statistical Service of Armenia reports that in 2013 poverty level in Armenia was 32% against 27.5% in 2008.

According to ArmInfo's Financial Ratings of Banks of Armenia, in 2013 Armenian banks issued foreign exchange loans worth 1.1 trillion AMD, with the share of foreign exchange loans in all loans being 60.2%.

On Nov 24 the CB revised the AMD/USD exchange rate. As a result, USD grew by 16.6 points against AMD to 435 AMD/1 USD (the highest level since 2006). The CB's goal was to keep Armenian exports competitive and to boost employment in the country.

On 1 Dec 2014, the average AMD/USD exchange rate in the retail currency market of Armenia was 436.5 AMD/1$, AMD/EUR exchange rate - 543 AMD/1EUR, and AMD/RUR exchange rate - 8.6 AMD/1RUR.
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