YEREVAN. – US Dollar Armenian Dram exchange rate is getting close to “correct” level, said economist Vardan Bostanjyan at a press conference on Monday.

“The artificial overvaluation of the local currency is not in the interests of the country’s economy and the drop of the exchange rate of Armenian dram has its positive side. It is quite profitable for local businessmen, since it increases their competitiveness and thus contributes to the export of local production,” said the economist.

“People who receive transfers from abroad will also benefit from the drop of the exchange rate. There are certain concerns that the depreciation of the dram may cause inflation, however, any substantial increase in market prices of essential goods have not been observed yet,” said Bostanjyan, adding that the Central Bank will not be able to keep the prices down alone and the national bank and the Government of Armenia will have to work jointly to achieve the desired result.

In his opinion, the drop of the exchange rate to a certain degree would have a negative impact only on the importers.

In response to question whether the recent appreciation of dram results from the pressure of importers, Bostanjyan said he would never take the responsibility to declare something he was not sure of.