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Shock Over: Armenian PM Signals Currency Market Stability After Dram

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  • Shock Over: Armenian PM Signals Currency Market Stability After Dram

    SHOCK OVER: ARMENIAN PM SIGNALS CURRENCY MARKET STABILITY AFTER DRAM REBOUND

    ECONOMY | 19.12.14 | 10:41
    http://armenianow.com/economy/59496/armenia_dollar_dram_prices_exchange_market

    RELATED NEWS

    Ungrounded price increases will not be tolerated, says PM

    Armenian Prime Minister Hovik Abrahamyan warned against currency
    market speculations and "groundless" price increases as he visited
    some supermarkets in Yerevan on Thursday amid apparent stabilization
    of the dollar-dram exchange rate.

    "If the dollar exchange rate changes by 10-15 percent a product
    cannot become 30 percent more expensive," Abrahamyan told media at
    one of the stores. "I am sure that people have realized that they
    can't play such games with our people."

    "People must not be tempted. They must not use such situations to
    get more money from our people," the prime minister stressed.

    The dram that hit its historic low of nearly 600 on Wednesday began
    to rally strongly the following day, reaching the level of 460-480
    at most exchange offices by the end of the day.

    Premier Abrahamyan suggested that the "shock is over". "Yesterday the
    dollar was overrated and the dram was underrated. But in the next
    two days everything will be settled," he stressed, adding that the
    final market adjustment of the exchange rate is likely in the next
    week or so.

    The turmoil in the currency market observed in Armenia since Monday
    raised negative expectations among economic agents some of whom
    suspended trade or raised prices in anticipation of hard currency
    shortages.

    Speaking to reporters on Thursday, Prime Minister Abrahamyan gave
    assurances that the Armenian banking system has the necessary financial
    resources to deal with such situations.

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