Monday, December 1 2014 18:41

Economist: Exports will not grow much despite revision of AMD rate


ArmInfo. The Central Bank's decision to review AMD/USD exchange rate will hardly boost exports, economist Vilen Khachatryan told journalists on Monday.

He said that even when the rate was 591 AMD/1 USD, Armenia's exports were still less than $2bln.

MP from Prosperous Armenia Party Mikael Melkumyan does not expect any growth in exports as Armenia's key trade partner, Russia, is also experiencing problems with its currency. "In terms of volume our exports will not shrink but in USD equivalent they will," Melkumyan said.

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.

According to the National Statistical Service of Armenia, in Jan-Oct 2014 Armenia's foreign trade grew by 3.6% to $4.9bln, wherein Russia had 23.3% or $1.1bln. Exports grew by 2.9% to $1.2bln AMD, with Russia's share therein being $254mln (5.8% less than a year before).
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20.12.2024
RUB3.850.02
USD395.050.14
EUR410.46-0.52
GBP494.09-5.04
CAD274.660.23
JPY25.200.04
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