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RUSSIAN RUBLE'S BEHAVIOR IMPACTS ARMENIAN ECONOMY, RUBEN VARDANYAN
YEREVAN, October 10. / ARKA /. The behavior of the Russian ruble
which is losing rapidly its value against USD and Euro will have a
negative impact on the Armenian market, Ruben Vardanyan, Ameriabank
Board member, told a news conference in Yerevan Thursday.
"Russia is Armenia's largest trade partner. The bulk of Armenian
exports go to Russia as well as thousands of labor migrants, and
everything that happens at the Russian market, impacts Armenia quite
strongly, but this dependence is not direct," Vardanyan said.
Andrei Lazarian, chairman of Ameriabank Board, said sharp fluctuations
of any major economy's currency, including Russian, have impact on the
world economy, and if these processes are long, the consequences will
affect strongly especially the linked economies, including Armenian.
Russian ruble has lost 17 percent of its value this year hitting
the record low of 40 rubles on October 6. In Armenia it has lost 15%
from the beginning of the year against the dram. Today it traded at
10.32 drams.
The ruble has been pressured for months by a plunge in prices for oil,
one of Russia's chief exports, as well as Western sanctions over the
Ukraine crisis and dollar strength linked to speculation over a rate
hike by the U.S. Federal Reserve. ($ 1 - 411.94 drams). -0--
http://arka.am/en/news/economy/russian_ruble_s_behavior_impacts_armenian_economy_ ruben_vardanyan/#sthash.VcHXWNRz.dpuf
YEREVAN, October 10. / ARKA /. The behavior of the Russian ruble
which is losing rapidly its value against USD and Euro will have a
negative impact on the Armenian market, Ruben Vardanyan, Ameriabank
Board member, told a news conference in Yerevan Thursday.
"Russia is Armenia's largest trade partner. The bulk of Armenian
exports go to Russia as well as thousands of labor migrants, and
everything that happens at the Russian market, impacts Armenia quite
strongly, but this dependence is not direct," Vardanyan said.
Andrei Lazarian, chairman of Ameriabank Board, said sharp fluctuations
of any major economy's currency, including Russian, have impact on the
world economy, and if these processes are long, the consequences will
affect strongly especially the linked economies, including Armenian.
Russian ruble has lost 17 percent of its value this year hitting
the record low of 40 rubles on October 6. In Armenia it has lost 15%
from the beginning of the year against the dram. Today it traded at
10.32 drams.
The ruble has been pressured for months by a plunge in prices for oil,
one of Russia's chief exports, as well as Western sanctions over the
Ukraine crisis and dollar strength linked to speculation over a rate
hike by the U.S. Federal Reserve. ($ 1 - 411.94 drams). -0--
http://arka.am/en/news/economy/russian_ruble_s_behavior_impacts_armenian_economy_ ruben_vardanyan/#sthash.VcHXWNRz.dpuf