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Elections are cause behind Armenian national currency’s depreciation – expert

12:44, 06.06.2012 Region: Armenia Theme: Economics, Analytics

YEREVAN. – Armenia’s political processes affected the currency exchange rate in the country, former Central Bank Chairman Bagrat Asatryan said during a press conference on Wednesday.  

In his words, cash currency circulation grows in the election years, and this destabilizes the financial situation. 

“Our society pays with a macroeconomic instability for the formation of an empty [state] body,” stated Asatryan. 

In his turn, Alternative Research Center Director, economist Tatul Manaseryan expressed a view that the main cause for the Armenian national currency, the dram’s devaluation is the current processes in the international market, albeit he did not rule out the elections’ impact on the exchange rate.    

“Virtually the same depreciation process is noticed in other countries, specifically in the post-Soviet states,” noted Manaseryan, and added that the dram’s devaluation is not a sufficient condition for stimulating export.

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