Economist: There will be single currency (video)
Economist Zoya Tadevosyan says the recent devaluation of the Armenian currency and the current dram-dollar fluctuations were predictable. Armenia's economy heavily depends on external factors, therefore changes at foreign markets directly affect the country’s economy. However, she says it is wrong to ascribe the decline in the Armenian dram only to external factors. “Instead of talking about the importance of foreign investment, we should think that we are losing our workforce. The countries that appreciate human capital today are larders at the capital market. We consider our human capital to be revolutionary mass and rely on that revolutionary mass, migration and subsequent transfers,” she said adding that the flow of transfers to Armenia has decreased by 20%. “It means that by the end of the year the foreign currency which is a significant economic opportunity for us to ensure the country’s growth and new employment opportunities, will decline further. If the situation is not solved, it will result in a new wave of migration,” she said. In reply to A1+’s question whether the idea of a single currency is realistic in the future, Zoya Tadevosyan said, “It will become reality and there is nothing dangerous in it. It is not a matter of losing one’s identity or independence.”
