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Armenian Population Is Crumbing Grocery Shelves- Prices Increased By

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  • Armenian Population Is Crumbing Grocery Shelves- Prices Increased By

    ARMENIAN POPULATION IS CRUMBING GROCERY SHELVES- PRICES INCREASED BY 40-60% WITHIN A DAY

    Regnum
    March 4 2009
    Russia

    Shock in Armenia, occurred due to reversal of currency policy
    by Armenian Central Bank, which provoked sharp growth of dollar
    exchange rate, lead to jump in prices on petroleum and essential
    commodities. The population throw themselves to buy up provisions.

    As reports a REGNUM correspondent, there is no sugar in many shops,
    flour is nearly exhausted. According to the sellers, the price of
    sugar increased more than by 50%. The price of vegetable oil also
    increased approximately by 45%. The same is with petroleum.

    There was also information, that Armenian customs terminals ceased
    their activities. However, this information had been denied by the
    press office of State Income Committee of Armenia. According to
    them, the number of economic agents are rejecting to go through the
    procedure of custom clearance of cargoes, because have difficulties
    to forecast the exchange rate. At the same time, they in Committee
    have not specified, according to what exchange rate they are going
    to perform custom clearing for the commodities imported to Armenia
    before March, 3, 2009.

    It is worth mentioning, on March, 3, the Central Bank of Armenia
    came to decision to turn to floating exchange rate of dram (Armenian
    national currency). Therefore, dram will be devaluated by 18-24%.

    From: Emil Lazarian | Ararat NewsPress
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