The amount of the mining industry has decreased compared to the previous year, there is an increase in prices, and it is due to this that the export of our country has registered an increase. Economist Suren Parsyan said this during a roundtable discussion Wednesday regarding the economic situation in Armenia.

"This situation is similar to the situation in the 2000s when a large amount of [US] dollars was coming to Armenia in the construction sector. Many will remember that the [1 US] dollar exchange rate reached all the way to 300-310 drams. At that time, the Central Bank governor was [ex-PM] Tigran Sargsyan, who was very nicely presenting that it is very good, our economy will soon provide a jump in productivity. But in reality we had nothing. It is a similar situation now. The authorities can present that, 'Look, we brought money, we want to spend it, but you are complaining about that money. There is no money, you complain, there is money, you complain,’" Parsyan added.

The economist noted that when it is said that remittances have a great impact on the amount of consumption, we are, in fact, taking a step in the Central Bank’s favor—and to the detriment of our own interests.

"According to statistics, in January-May 2022, retail trade [in Armenia] increased by only 1.8 percent. Well, if so many remittances came, so much money entered the economy of Armenia, tourists came, we did not have a significant increase in retail trade. We had a speculative increase in prices, and expensive goods were bought with that money. It is not that the demand has increased. That is, the person bought two loaves of bread again; it's not that the money came in a lot, now he started buying four loaves of bread," Parsyan emphasized.

He reflected also on the requirement of 3-5 percent commission by Armenia banks in case of cashing out foreign currency.

"The Central Bank, in its opinion, carries out sterilization when, for example, it wants 3-5 percent money in case of cash withdrawal. With this, the Central Bank wants to stabilize the financial situation of the banks and also fills a certain budget. But it does not succeed because it is clear that we have a shortage of cash [US] dollars in the economy. This is due to the fact that our banks used to solve their cash dollar problem through Russian banks. Now there are 2-3 banks in Armenia that are able to bring cash dollars from the US. Those banks sell dollars to other banks; that is, there is clear speculation here in connection with the dollar," Suren Parsyan said.