World Bank Thinks Returning To The Policy Of National Currency Float

[Tashjian Arbi]

WORLD BANK THINKS RETURNING TO THE POLICY OF NATIONAL CURRENCY FLOATING RATE WILL ALLOW ARMENIA CONTRADICT EXTERNAL CHALLENGES

ArmInfo
2009-03-04 13:29:00

ArmInfo. World Bank is supporting the reforms of the Armenian
government directed to specification of the currency rate,
Director of the WB Yerevan office Aristomene Varoudakis said at
the press-conference, Wednesday. He also added returning to the
policy of the floating rate will increase competitive ability od
Armenia and will make it possible to mellow external challenges that
affect the economy of the country. He said that the WB is ready to
show assistance to the authorities of the country to take measures
on providing flexibility of the currency rate. In particular, the
crediting programme of the small and medium-sized business at $50
mln will promote it. This programme is starting at the right time
and will make it possible for Armenian businessmen to get benefit
from transition to the floating currency rate.

Specification of the rate will raise internal and external competitive
ability of companies directed to export, representative of the World
Bank said.