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Financial Services Monitor Worldwide
November 27, 2014 Thursday
Armenia to be challenged by extreme poverty in 2015
Resources of the Central Bank of Armenia will not be sufficient for
preventing everyday depreciation of the national currency, member of
the Armenian National Congress party council, PhD in economy Professor
Zoya Tadevosyan said as cited by Chorord Ishkhanutiun (Fourth Power)
newspaper.
She said the central bank is using all the reserves available to
maintain a stable rate by January.
"But the crash after January will be unpredictable", she said.
The expert said "crash" implies serious losses faced in the next
months not only by businessmen, but by ordinary citizens as well.
Tadevosyan also said the ruble depreciation and the losses suffered by
Armenian importers due to the rising dollar will cause serious effects
as prices for commodities are hiking and consumer market is shrinking
at the same time. This situation will, in turn, lead to reduced
economic activity and eventually to increased poverty among the
population, according to Tadevosyan.
"We are in for extreme poverty", the expert said. 2014 Global Data Point.
November 27, 2014 Thursday
Armenia to be challenged by extreme poverty in 2015
Resources of the Central Bank of Armenia will not be sufficient for
preventing everyday depreciation of the national currency, member of
the Armenian National Congress party council, PhD in economy Professor
Zoya Tadevosyan said as cited by Chorord Ishkhanutiun (Fourth Power)
newspaper.
She said the central bank is using all the reserves available to
maintain a stable rate by January.
"But the crash after January will be unpredictable", she said.
The expert said "crash" implies serious losses faced in the next
months not only by businessmen, but by ordinary citizens as well.
Tadevosyan also said the ruble depreciation and the losses suffered by
Armenian importers due to the rising dollar will cause serious effects
as prices for commodities are hiking and consumer market is shrinking
at the same time. This situation will, in turn, lead to reduced
economic activity and eventually to increased poverty among the
population, according to Tadevosyan.
"We are in for extreme poverty", the expert said. 2014 Global Data Point.