McHugh Comments On The Revaluation Of The Dram

[Kamalian Hagop]

MCHUGH COMMENTS ON THE REVALUATION OF THE DRAM

Lragir.am
14 June 06

One of the reasons of revaluation of the Armenian dram is money
transfers from Russia in dollars. James McHugh, the representative
of the IMF to Armenia, expressed this point of view June 14, reports
ARKA News Agency. He also forecast an increase in transfers in the
second half of 2006. According to McHugh, the revaluation of the
Armenian dram is in the context of the growing price of the Russian
oil. Besides, McHugh thinks that another reason of revaluation of the
dram is the increase of foreign investments in the Armenian economy.

Finally, McHugh mentioned that the weakening dollar is another cause of
revaluation of the dram. If anyone was so patient as to read through
the evaluations of James McHugh, it should be emphasized once again
that James McHugh is the representative of the IMF to Armenia.

It is necessary to underline this because after reading this people
might think that McHugh has been appointed press secretary of the
president of the Central Bank of Armenia.