YEREVAN, July 9. /ARKA/. Tatul Manaserian, head of Alternative think-tank, said today Armenia’s national currency, the dram that has depreciated heavily against the USD over the last couple of months will begin consolidating from the second half of July.
According to him, the strengthening trend will be backed by usual economic developments in summer months, associated particularly with seasonal agricultural work and inflow of foreign tourists.
According to Manaserian, despite global economic troubles, external factors that cause devaluation of the dram will not have a decisive influence on the currency’s exchange rate, unless there is sudden turmoil in foreign markets.
Manaserian also noted that this time the devaluation of the dram did not entail a rise in consumer prices. Quite the contrary, he said, prices of some 500 products and services declined. He, however, admitted that some goods have seen a dramatic rise in prices, but said “there is no room for panic.”
Manaserian said he was surprised at unfounded panic because of the devaluation of the dram.
“One can understand the concerns of businesses and especially importers, or people who receive their income in USD , however, it is puzzling to see the panic becoming common,” he said. -0-
