The exchange rate of the national currency is influenced by various factors, including the Russian-Ukrainian conflict. At this moment, the dollar and the euro have depreciated. Such a policy is aimed at promoting exports from the United States and Europe, economist Suren Parsyan told Armenian News-NEWS.am.

He explained that the lower the exchange rate of the US dollar and the euro, the greater the growth of exports from those countries.

"The devaluation of the dollar and the euro against the [Armenian] dram is influenced also by Armenia's internal factors, in particular, the slowdown in economic activity, which has sharply reduced the demand for goods and equipment being imported from abroad. The businessman, who had to buy a dollar here and send it abroad to buy goods, has frozen that deal, or even refused, as there is no demand. People spend more on food, less on clothes, equipment, and other goods," Parsyan said.

The economist added that the US national currency usually has a circulation of 30-40 million dollars a day in banks, but as a result of the abovementioned, a significant surplus (about $10 million) of the US currency  has formed in the banks, and this amount could not be sold.

"This leads to a devaluation of the dollar against the dram, which seriously harms the already affected exporters due to the devaluation (by 50-60% in March) of the [Russian] ruble, and has already led to a sharp decline in exports, compared to February—12.2%.

Earlier, we [i.e., Armenia] had started to lose the Russian market, and now the American and European markets as well. Exporters lose 8-10% of their income due to exchange rate fluctuations alone," Parsyan concluded.