Friday, December 12 2014 16:28
Armenian Economy Ministry: Central Bank of Armenia fully handles the situation and due to CB's intervention the situation in the currency market will soon stabilize
ArmInfo. The Central Bank of Armenia fully handles the situation and due to the CB's intervention the situation in the currency market will stabilize soon, Armenian Economy Minister Karen Chshmarityan told journalists on Friday.
He said that the Central Bank's participation in stabilization of the exchange rate is still inertial. He stressed that not a single economist will be able to predict the situation in the currency market after the New Year holidays. "Both the Central Bank and the Government of Armenia are interested in prevention of sharp fluctuations, which are currently connected with global processes. If you look at other countries, you will see similar tendencies of national currency devaluation there. Even a number of European countries are experiencing such processes, which demonstrate the ongoing global changes", said the minister.
He thinks that in case of twofold growth in export, the impact on the economy would be different. "But I would say that the process of export and import diversification is positive anyway. For instance, the major part of the commodity turnover used to fall on the EU and CIS, whereas today 44% falls on other states", he stressed. This makes Armenian economy flexible, he added. He expressed confidence that both the economy and the exporters will shortly feel it. The minister does not share the opinion that the currency devaluation reduces transfers, investments and exports.
"The export growth rates are increasing, though slowly. We would like to see higher growth rates, but there are foreign factors as well", he said and added that the task of the CB and the Government is to dampen the consequences of the global impact on Armenian economy.
To note, on December 12 the average AMD/USD exchange rate in the retail currency market of Armenia was 466.5 AMD/1USD.
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