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YEREVAN. – This is the second week that the Armenian national currency, the dram, is gaining value slowly, but steadily, Zhamanak daily reported.

“And this is the case when the RA [i.e. the Republic of Armenia] businesses unanimously claim that the dram needs to be devalued for exports, so that the products exported from the RA can be competitive in the Russian market, in terms of pricing.   

“The dram is gaining value despite the decline in remittances, whereas the CB [i.e. the Central Bank of Armenia] was maintaining the seeming stability of the dram on the account of the RA foreign reserves, at least until recently.  

“It is clear for everyone that the dram is gaining value because several thousand Iranian citizens visit Armenia these days, and they celebrate the Nowruz [, the Iranian New Year,] here.  

“[But] since the Iranians will not stay in Armenia forever, the dram may depreciate after they leave,” Zhamanak wrote.

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