YEREVAN. - Curbing inflation by means of monetary instruments alone will not produce positive results, the economist Tatul Manaseryan told journalists on Thursday.

Monopolies and an oligarchic system create favorable conditions for an uncontrollable price rise in Armenia, he added. Laying all responsibility on the Central Bank and trying to curb inflation by means of monetary instruments is “not effective.”

“All the agencies - from the State Revenue Committee to the antimonopoly commission – must cooperate to curb inflation,” Manaseryan said. 

Concerning the advisability of Armenian national currency (AMD) revaluation and of a floating exchange rate system, Manaseryan said that AMD revaluation “was an emergency step.”

“Each currency needs a steadily developing economy as a basis, which is not the case in Armenia,” he added.

No country is implementing a floating exchange rate policy alone. A floating exchange rate will not enable Armenia to sharply increase its exports. Monopolies, lack of competition and noncompetitive products are Armenia`s features.