YEREVAN. – Lately, the Armenian national currency, the dram (AMD), has gained value against the US dollar (USD).

But it is unclear how long this “progress” will last in the currency market of the country. Much depends on Armenia’s export dynamics, foreign remittances, and other sources of currency flow.

As expected, however, the crisis in Russia has adversely affected Armenia’s economy, too. The problems in connection with the migrant workers’ right of entry into Russia, and the loss from converting AMD remittances to USD have led to a decline in “Russian” remittances.

In addition, the Armenian migrant workers have faced a new problem aside from the ban from entering Russia. According to independent Russian analysts, the unemployment rate in Russia has increased this year.

And even though Armenia’s “successful placing” of $500 million of Eurobonds in March can be considered something positive, the country’s foreign commitments are also growing along with this transaction.