YEREVAN. –Reduction in the Central Bank’s foreign assets could not have greatly impacted the devaluation of the Armenian national currency, the dram (AMD), Alternative Research Center Director, economist Tatul Manaseryan stated during a press conference on Wednesday.  

He recalled that such phenomena occurred in the past, too. “This could have an impact, but not a very significant one,” Manaseryan added.  

At the same time he noted that despite the dram’s devaluation, the dram-based prices have not increased too much. 

“Considering the 2013 presidential elections [in Armenia], the investors will postpone large-scale projects,” the analyst maintained.  

Also, Manaseryan remarked that the statements made by high-profile politicians could have a bearing on the currency exchange rates, but solely for a short term.   

According to Tatul Manaseryan, if the capital is not invested inside the country, the foreign investments will affect the country’s foreign debt. 

To note, the average exchange rate of the US dollar rose from AMD 392/$1 to AMD 407/$1 in Armenia, in the past three weeks.