Union of Banks of Armenia: Dram devaluation to promote exports

The devaluation of the Armenian dram will have a positive impact on exports from Armenia, Chairman of the Union of Banks of Armenia Ararat Ghukasyan said at the press conference.

According to him, the Armenian national currency is devaluating in conformity with market mechanisms, that is, supply and demand.

Ghukasyan said the Armenian dram remained stable during the panic two weeks ago, which will have a positive impact on the economy.

“The market shows a favorable behavior, the U.S. exchange rate has fallen from U.S. $1/415 AMD down to U.S. $400,” Ghukasyan said, without making any forecasts.

As regards consumer prices, he pointed out that they will depend on the economic activity in the latter half of this year, as well as on money transfers.

According to official forecasts, a 6-7 per cent price rise is expected in Armenia, but numerous economists disagree with the forecasts.


/News.am/