YEREVAN. – The most recent fluctuation in the exchange rate of the Armenian national currency, the dram, has impacted the prices of wheat imports into the country, Manana Grain wheat importing company director Gurgen Nikoghosyan told Armenian News-NEWS.am.

To the query on whether it is possible to switch from the US dollar to the Russian ruble when conducting business with the Russian suppliers of wheat, Nikoghosyan responded: “Our partners don’t agree to that. They need the dollar especially now when the ruble is unstable.” 

He noted that his company’s profits from wheat imports and flour production are virtually unchanged.

“We follow the exchange rates of the banks, but we don’t add a penny. As a result, we incur losses,” Nikoghosyan said.

He added, however, that the wheat prices have not changed substantially in terms of rubles and dollars.  

“Overall, the conditions are not bad for us, especially compared to our neighbors. It remains only to follow the events taking place in Russia,” Gurgen Nikoghosyan concluded.  

The dollar and euro exchange rates had reached record highs in Armenia on December 17, but they have dropped since the same evening.