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OFF WITH DOLLARS, RUBLES AND EUROS

Economy

The value of the Armenian Dram will continue to rise and it is not yet clear how long the process will last. The Currency International Fund is at present analyzing the economy of the South Caucasian countries and giving advice to the authorities. The Armenian Central Bank does not lead a policy of floating exchange rate, neither does it lead a policy of fixed exchange rate.

This was mentioned by the CIF Central East and Central Asia administration deputy head Julian Berengo. Today in the CIF Armenian office the presentation of the booklet about the South Caucasian countries and Kazakhstan took place. There is a flattering line in it about our country. «The exchange rate policy in Armenia is flexible, and in the other three countries it is not». This year it resulted in only 3% inflation in Armenia, while in Azerbaijan it was 15%, in Georgia – 7.3% and in Kazakhstan – 7.5%.

The value of the Armenian Dram rises as there is a flow of currency from abroad into Armenia, which results in inflation of more than 10%. By the advice of the CIF the Central Bank raises the value of ARMD in order to avoid inflation.