YEREVAN, March 11. /ARKA/. Revaluation of Armenian national currency is an unfavourable solution to the economy and manufacturers, Armenian President Serzh Sargsyan said Friday at the meeting he convened to discuss the country’s economic policy and outline top-priority economic objectives.
He is convinced such things hobble the country’s economic development.
The head of state said flows of currencies form the value of the dram, and according to all forecasts, “we’ll have a very slow and stable devaluation without precipitous soars this year”.
“I find this normal and favourable for our economy, and first of all, for exporters,” Sargsyan said.
The Armenian dram strengthened 4.3% against the U.S. dollar over 2010 from AMD 377.19 to AMD 361.03 per one dollar.
The then revaluation of the dram was due to a considerable supply of dollars, the central bank’s monetary policy and the growing public confidence in the national currency.
On March 3, 2009, the Central Bank of Armenia returned to the floating exchange rate policy. As a result, the dram plunged 66.36 percentage points against the dollar to AMD 372.11 per one dollar.
As a result, Armenian banks sustained losses of AMD 4.7 billion on March 3 alone.
Experts at the central bank say exchange rate was fluctuating between AMD 360 and AMD 380 per one dollar in 2009. 0—-
