ArmInfo. There is a substantial gap between the RUB and AMD exchange rates, Russian Minister of Economic Development Maxim Reshetnikov told a briefing preceding a business lunch attended by Armenian and Russian businessmen.
In this regard, he noted that such an outcome of the situation with the exchange rate causes concern among Armenian entrepreneurs who export their products to the Russian market.
As Reshetnikov noted, the latter announced this within the framework of a business breakfast. In addition, during the morning meeting with business representatives, the RF Minister of Economic Development and the Minister of Economy of Armenia told the participants about the macroeconomic situation, shared their forecasts regarding future prospects.
"But of course, this is the current situation, it does not cancel the strategic tasks, and the strategic tasks are mutual investments, new projects, cooperation, increasing the share of value added of products that are created here in Armenia, and products that RF is needed now. These are the questions that have been discussed," said Reshetnikov.
Among those discussed, he said, were traditional issues related to transport, customs processes, etc. "When such an intensive trade turnover takes place, some rough edges always accumulate, issues that need to be constantly sorted out together with the relevant departments. We agreed with the Minister of Economy of Armenia to take all issues under control and give comprehensive explanations to business," the Minister of Economic Development of the Russian Federation noted.
In the retail foreign exchange market of Armenia from February 24, 2022 to August 25, 2023, the Armenian dram strengthened against the Russian ruble by 34% - up to 4.08 AMD / 1 RUB on average. It is appropriate to note that the high volatility in the Armenian foreign exchange market observed in 2022 was caused by the influx of a huge number of relocators, mainly from Russia, who moved their capital and business here. These actions of immigrants were the result of unprecedented large-scale anti-Russian sanctions applied by the West against the Russian Federation because of the war in Ukraine.
