Thursday, December 18 2014 13:45
Financial Market of Armenia shows some signs of stabilization
ArmInfo. Financial market of Armenia began to show some signs of stabilization, Prime Minister of Armenia Hovik Abrahamyan said in the Government, Thursday on 18 December. The prime minister said he hopes for further stabilization, as the Government will not tolerate price hikes.
On 18 December, the national dram appreciated against the dollar in the retail exchange market - from 570 drams to 530 drams.
The prime minister said the situation in the financial market was discussed with the representatives of the IMF, WB, businessman and heads of a number of departments, on Wednesday. He said that international organizations support the steps the Government is taking to stabilize the financial situation. Abrahamyan said the Government is concerned about the high margin of purchase-and-sale operations at swap points in the consumer market, which fuels speculative deals. Food prices grew, as the national currency devaluates. Sugar and flour prices rose drastically. The prime minister charged the State Committee for Protection of Economic Competition to monitor the market and expose price hikes.
Earlier today, Arsen Gazharyan, head of the Union of Industrialists and Entrepreneurs of Armenia, assured journalists the financial situation will stabilize. He said the exchange rate will be normalized and the inflation will soften. Ghazaryan said that many food and other stores refused to sell products since they did not know at what price to sell their products. This sparked panic among the population. He said the commercial banks began selling foreign exchange today, yet yesterday, privates and businessmen could buy only $20,000 within a day.
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