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WEAKENING ARMENIAN DRAM IS BLAMED ON IMBALANCE BETWEEN EXPORTS AND IMPORTS
YEREVAN, December 8. / ARKA /. Vazgen Safaryan, the chairman of the
Union of Domestic Commodity Producers, has blamed today the weakening
Armenian national currency, the dram, on the imbalance between exports
and imports.
The Armenian dram has fallen from 435.26 to one U.S. dollar on December
1, to 447.86 on December 5. According to Safaryan, the main condition
for the stability of the national currency is the correct ratio of
exports and imports.
Other reasons behind the depreciation of the dram, according to him
are the dependence of the Armenian economy on the Russian ruble, and
the growing US economy that ahs pushed up US dollar's value against
other currencies.
"Armenian exports in the first ten months of this year amounted to
$1.250 billion. In 2013 the total exports were worth $1.470 billion.
This year exports are expected to exceed $1.5 billion, while imports
will exceed exports three times," Safaryan said at a press conference
on Monday.
According to the National Statistical Service (NSS), Armenian exports
in January-October 2014 amounted to $1.250 billion, an increase of
2.9% from the year before, while imports grew by 3.8 percent to over
$3.6 billion. The resulting foreign trade deficit amounted to about
$2.4 billion.
According to Safaryan, the foreign deficit is being somewhat offset
by private money transfers from Russia and other countries. He added
that their amount is also falling as the bulk of remittances -over 80
percent annually- usually comes form Russia whose economy is falling
in recession.
According to the Central Bank of Armenia, a total of $1.484.7 billion
were sent to Armenia as private money transfers in the first 10 months
of the outgoing year , a decrease of 1.9% compared to the same period
in 2013. Private money transfers from Russia decreased by 4.4% from
the same period last year, to about $.1 241.4 billion.-0-
http://arka.am/en/news/economy/weakening_armenian_dram_is_blamed_on_imbalance_bet ween_exports_and_imports/#sthash.df413yvY.dpuf
YEREVAN, December 8. / ARKA /. Vazgen Safaryan, the chairman of the
Union of Domestic Commodity Producers, has blamed today the weakening
Armenian national currency, the dram, on the imbalance between exports
and imports.
The Armenian dram has fallen from 435.26 to one U.S. dollar on December
1, to 447.86 on December 5. According to Safaryan, the main condition
for the stability of the national currency is the correct ratio of
exports and imports.
Other reasons behind the depreciation of the dram, according to him
are the dependence of the Armenian economy on the Russian ruble, and
the growing US economy that ahs pushed up US dollar's value against
other currencies.
"Armenian exports in the first ten months of this year amounted to
$1.250 billion. In 2013 the total exports were worth $1.470 billion.
This year exports are expected to exceed $1.5 billion, while imports
will exceed exports three times," Safaryan said at a press conference
on Monday.
According to the National Statistical Service (NSS), Armenian exports
in January-October 2014 amounted to $1.250 billion, an increase of
2.9% from the year before, while imports grew by 3.8 percent to over
$3.6 billion. The resulting foreign trade deficit amounted to about
$2.4 billion.
According to Safaryan, the foreign deficit is being somewhat offset
by private money transfers from Russia and other countries. He added
that their amount is also falling as the bulk of remittances -over 80
percent annually- usually comes form Russia whose economy is falling
in recession.
According to the Central Bank of Armenia, a total of $1.484.7 billion
were sent to Armenia as private money transfers in the first 10 months
of the outgoing year , a decrease of 1.9% compared to the same period
in 2013. Private money transfers from Russia decreased by 4.4% from
the same period last year, to about $.1 241.4 billion.-0-
http://arka.am/en/news/economy/weakening_armenian_dram_is_blamed_on_imbalance_bet ween_exports_and_imports/#sthash.df413yvY.dpuf