YEREVAN, May 20, /ARKA/. A former Armenian prime minister urged today the government to take swift action and prevent the depreciation of Euro in the country.
Speaking at a news conference, Hrant Bagratian, who served as premier in the administration of Armenia’s first post-Soviet president Levon Ter-Petrosian in early 1990-s, argued that the government must buy Euros and when the national currency, Dram, begins to lose its value again, to sell the hard currency to prevent Dram from further depreciation.
He blamed the government for inactivity questioning again its policy designed to strengthen the Dram. “No one needs this, because in one-three months Dram will again start losing its value,’ he said.
Hrant Bagratian reminded that European Union accounts for 44% of Armenian imports. In his words, Euro’s depreciation is very likely to increase Armenian imports from EU and kill entirely scanty Armenian exports to Europe.
Bagratian claimed that by pursuing the current policy the government is seeking only to build an image of strengthening Dram being also reluctant to damage a handful of oligarchs’ interest who control the entire imports. Euro has lost 12% of its value in May trading now at 468.34 Drams. -0-
