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Armenian dram depreciation promotes exports - Vazgen Safaryan
12:12 * 23.11.14
In an interview with Tert.am, Vazgen Safaryan, Chairman of Union of
Native Commodity Producers NGOs, commented on the depreciation of the
Russian rouble and Armenian dram and mentioned a 7% decline in
Armenia's exports to Russia.
"As economic analyses show, the ruble collapse affects most their
economy. But it has one positive aspect, namely, boosting Russian
exports and a decline in the country's imports. The Armenian dram
depreciation is a positive tendency promoting Armenian exports," Mr
Safaryan said.
The weaker is the Armenian currency the higher are Armenia's exports
and the stronger is the national currency the higher are Armenia's
imports. The monetary policy implemented in Armenia for years resulted
in imports exceeding exports three-fold.
The current situation is Russia and the resultant situation in Armenia
should be thought-provoking questions for Armenia to boost its exports
by devaluating its national currency step by step.
"This year, our exports have totaled $1.5bn and imports $4.5bn, with
money transfers evening out the foreign trade imbalance. And the
economic recession in Russia may cause a decline in money transfers to
Armenia, which may create problems in evening out the foreign trade
imbalance," Mr Safaryan said.
Armenia's annual exports to Russia reach $350m, and the RUB
deprecation has caused a decline. Therefore, appreciation of the
Russian ruble is to Armenia's benefit in terms of export.
"Russia is our largest trade partner, its share being 24% in our trade
turnover. So we should export more products, with an emphasis on
industrial products," Mr Safaryan said.
Armenian News - Tert.am
12:12 * 23.11.14
In an interview with Tert.am, Vazgen Safaryan, Chairman of Union of
Native Commodity Producers NGOs, commented on the depreciation of the
Russian rouble and Armenian dram and mentioned a 7% decline in
Armenia's exports to Russia.
"As economic analyses show, the ruble collapse affects most their
economy. But it has one positive aspect, namely, boosting Russian
exports and a decline in the country's imports. The Armenian dram
depreciation is a positive tendency promoting Armenian exports," Mr
Safaryan said.
The weaker is the Armenian currency the higher are Armenia's exports
and the stronger is the national currency the higher are Armenia's
imports. The monetary policy implemented in Armenia for years resulted
in imports exceeding exports three-fold.
The current situation is Russia and the resultant situation in Armenia
should be thought-provoking questions for Armenia to boost its exports
by devaluating its national currency step by step.
"This year, our exports have totaled $1.5bn and imports $4.5bn, with
money transfers evening out the foreign trade imbalance. And the
economic recession in Russia may cause a decline in money transfers to
Armenia, which may create problems in evening out the foreign trade
imbalance," Mr Safaryan said.
Armenia's annual exports to Russia reach $350m, and the RUB
deprecation has caused a decline. Therefore, appreciation of the
Russian ruble is to Armenia's benefit in terms of export.
"Russia is our largest trade partner, its share being 24% in our trade
turnover. So we should export more products, with an emphasis on
industrial products," Mr Safaryan said.
Armenian News - Tert.am