YEREVAN. – A continued decline in oil prices is recorded in the global market, according to Haykakan Zhamanak newspaper. 

“The reduction in oil [prices] is having the most direct impact on the RA [i.e. Republic of Armenia] economy. Our economic dependence on private remittances is quite excessive, and the reduction in oil [prices] directly leads to the devaluation of the Russian ruble, and the vast majority of remittances to Armenia are with the very ruble. 
“The economic block officials of the [Armenian] government note, in private conversations, that since the government is not taking real steps toward the modernization of our economy and boosting business, the economic situation [in Armenia] can be improved solely thanks to the growth in remittances and an increase in [the price of] copper.
“But, as we see, the oil prices, which ensure the growth of remittances, are manifesting a downward trend, and the price of copper continues to remain within the lowest level in 7 years,” wrote Haykakan Zhamanak.