YEREVAN, August 25. /ARKA/. The dramatic depreciation of the Russian ruble and the unprecedented appreciation of the Armenian dram have been a concern for Armenian companies, which sell their products in Russia, Russian Minister of Economic Development Maxim Reshetnikov said after a ‘business-breakfast’ meeting of business people from both countries today in Yerevan.
Summarizing the results of the meeting, he said the participants tried to talk about the macroeconomic situation and what can be expected and exchanged also their assessments of the current situation.
“The current situation does not revoke the strategic tasks, which are mutual investments, new projects, cooperation to increase the added value, which in Armenia is created by products that Russia needs now,” Reshetnikov said.
According to the Eurasian Development Bank (EDB), in terms of real effective exchange rate, the Armenian dram appreciated by 33.6% in 2022 and at the end of June 2023. the dram’s appreciation was 40% compared to the beginning of 2022.
By the end of July 2023 compared to the beginning of 2022, the Armenian dram strengthened by 19.8% against the US dollar yoy, by 21.7% against the euro yoy, and by 32.4%against the Russian ruble yoy, according to EDB.
