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ARMENIA NOT IN DANGER OF FINANCIAL COLLAPSE
Panorama.am
19:52 16/10/06
Financial collapse may happen in Armenia only if the national currency
is fixed, Tigran Sargsyan, head of Central bank, told a parliament
hearing today referring to the example of Latin America.
In his words, the national currency was fixed in these countries
under the conditions of liberal economy.
"Power authorities did not allow the market to formulate the exchange
rate and that brought to financial collapse in those country,"
Sargsyan said.
After studying this experience, the Armenia authorities decided that
fixing currency exchange is not preferable for Armenia. "That is
why we are conducting a policy of freely floating exchange rate,"
Sargsyan mentioned.
Panorama.am
19:52 16/10/06
Financial collapse may happen in Armenia only if the national currency
is fixed, Tigran Sargsyan, head of Central bank, told a parliament
hearing today referring to the example of Latin America.
In his words, the national currency was fixed in these countries
under the conditions of liberal economy.
"Power authorities did not allow the market to formulate the exchange
rate and that brought to financial collapse in those country,"
Sargsyan said.
After studying this experience, the Armenia authorities decided that
fixing currency exchange is not preferable for Armenia. "That is
why we are conducting a policy of freely floating exchange rate,"
Sargsyan mentioned.