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Cypriot banks and RA economy
http://www.a1plus.am/en/economy/2013/03/23/samvel-avagyan
05:58 PM | TODAY | ECONOMY
Currency of dollar is increasing. Economist Samvel Avagyan mentions
that there are quite different reasons or the variation of dollar
currency but first of all it is connected with the recent closure of
banks in Cyprus.
"Cyprus Company is the main stockholder of one of 5 most important and
largest banks of our banking system. Besides in our banks Russian
banks are also pretty well presented, which have financial losses in
Cyprus nowadays", - he says.
Any kind of sharp fluctuation of dollar exchange rate, regardless of
the direction the country, has a negative impact on the country's
economy. In the case of devaluation of dram the exporting sectors of
the economy benefit. Instead in internal market increase of prices is
almost inevitable.
"At this moment for our economy is more profitable not to have
"strong" dram (AMD), since we have a problem to increase exports and
to reduce imports. Our importation is 3 times larger than our
exportation which is absolutely abnormal ratio", - the economist says.
However, the consumers will not be satisfied with dollar's increase:
"Imported goods will increase their prices and will be more expensive
http://www.a1plus.am/en/economy/2013/03/23/samvel-avagyan
05:58 PM | TODAY | ECONOMY
Currency of dollar is increasing. Economist Samvel Avagyan mentions
that there are quite different reasons or the variation of dollar
currency but first of all it is connected with the recent closure of
banks in Cyprus.
"Cyprus Company is the main stockholder of one of 5 most important and
largest banks of our banking system. Besides in our banks Russian
banks are also pretty well presented, which have financial losses in
Cyprus nowadays", - he says.
Any kind of sharp fluctuation of dollar exchange rate, regardless of
the direction the country, has a negative impact on the country's
economy. In the case of devaluation of dram the exporting sectors of
the economy benefit. Instead in internal market increase of prices is
almost inevitable.
"At this moment for our economy is more profitable not to have
"strong" dram (AMD), since we have a problem to increase exports and
to reduce imports. Our importation is 3 times larger than our
exportation which is absolutely abnormal ratio", - the economist says.
However, the consumers will not be satisfied with dollar's increase:
"Imported goods will increase their prices and will be more expensive