Tue, 29 April
13.1 C
Yerevan
USD: 389.46 RUB: 4.73 EUR: 441.92 GEL: 141.70 GBP: 519.38
spot_img

Local manufacturers stricken hard by artificially overrated value of Armenian dram

YEREVAN, March 22. /ARKA/. Artificially overrated value of Armenian national currency has struck hard at local manufacturers, Vahan Hovhannisyan, the head of Armenian Revolutionary Federation Dashnaktsutyun’ faction in National Assembly, said Friday at a briefing.

The lawmaker said that the Armenian authorities, attracted loans from the outside and plunged into new debts for injecting their foreign currency reserves in foreign exchange market every month to retain the national currency’s value.

But these resources dwindled and the drum plummeted against the dollar.

“The artificially overrated value of Armenian dram has struck hard at local manufacturers, since they make all their pays with the expensive dram – they are left with no room to export even their competitive products,” Hovhannisyan said.

In March 2009, after the Central Bank of Armenia announced the policy of floating exchange rate, the dram weakened 66.36 percentage points against the dollar to AMD 372.11 per one dollar.

The central bank’s specialists said then that the exchange rate would range between AMD 360 and AMD 380 per one dollar in 2009.

The exchange rate fluctuated within the predicted range until recently, but has dropped by 19.82 points from AMD 384.54 to AMD 404.36 per one dollar over the period between March 1 and 18.

Hovhannisyan said the artificial measures caused industrial downturn and reduction of export in all sectors, excluding one or two.

Armenia’s foreign gross reserves shrank 3.2% or by $65 million in January 2010, compared with December 2009, to $1938.4 million.

They have grown by $596.6 million since the beginning of 2009 to $2003.41 by late December..-0—

spot_img

POPULAR

Armenia may access $25 mln from the IMF under the SBA agreement in June

An International Monetary Fund (IMF) team led by Iva Petrova visited Yerevan from March 31 to April 10, 2025, to conduct discussions for the fifth review under the Stand-By Arrangement (SBA) with Armenia.

Euro exchange rate down 1 point, while US dollar and ruble up

The average market exchange rate of the U.S. dollar to the Armenian dram on April 25, 2025, rose by 0.77 points compared to April 23 and amounted to AMD 390.33.

Armenia’s international reserves rose to $3.9 billion in March, providing 2.9 months of import coverage – WB

Armenia's international reserves increased to $3.9 billion in March 2025, offering 2.9 months of import coverage, according to the World Bank's Monthly Economic Update for April 2025.

Armenia Enters Top 10 Countries in the World with Lowest Inflation in 2024 – IMF

Armenia was among the top 10 countries in the world with the lowest annual inflation in 2024. Such data is provided in an IMF study on 156 countries.

In Armenia, remittances have begun to recover after a 35% decline in 2024

On the demand side, average real wages in Armenia have increased in 2025, and net money transfers have shown an upward trend, contributing to consumption growth, according to the World Bank's Armenia Monthly Economic Update – April 2025.

LATEST NEWS

spot_imgspot_imgspot_img