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Global Decline in Sugar Prices Not Reflected in the Armenian Market
04.04.2015 11:46 epress.am
Food prices around the world have been decreasing at a fast rate; in
particular, global prices of sugar and vegetable oils fell to their
lowest level since 2009,Haykakan Zhamanak daily wrote on Saturday,
April 4. However, as the daily pointed out, the global dip in the
prices is not reflected in the food prices in Armenia, even when the
majority of these products is imported.
According to the official statistics, sugar prices in Armenia have
increased by 10 percent in the past year, while in the global market
the prices went down by 23 percent (within a year, the price per ton
went down to $367 from its previous value of $480 on the London Stock
Exchange).
"Taking into account the devaluation of the national currency in this
period, sugar prices in Armenia should have been reduced by almost 9
percent, i.e., the price per kilo should be AMD 325, rather than the
current AMD 370, in which case the sugar importer ("manufacturer")
would not have lost anything in revenues. Meanwhile, the current sugar
importer, "Alex Grig" company, which has "no relation to Samvel
Aleksanyan whatsoever," receives an additional profit of 45 drams per
kilo of sugar. That amounts to AMD 4,5 billion, or $9 million a year,"
the daily wrote.
Note, the monopoly on sugar imports to Armenia belongs to "Alex Grig"
company which is owned by ruling Republican Party MP, oligarch Samvel
Aleksanyan.
http://www.epress.am/en/2015/04/04/global-decline-in-sugar-prices-not-reflected-in-armenian-market.html
04.04.2015 11:46 epress.am
Food prices around the world have been decreasing at a fast rate; in
particular, global prices of sugar and vegetable oils fell to their
lowest level since 2009,Haykakan Zhamanak daily wrote on Saturday,
April 4. However, as the daily pointed out, the global dip in the
prices is not reflected in the food prices in Armenia, even when the
majority of these products is imported.
According to the official statistics, sugar prices in Armenia have
increased by 10 percent in the past year, while in the global market
the prices went down by 23 percent (within a year, the price per ton
went down to $367 from its previous value of $480 on the London Stock
Exchange).
"Taking into account the devaluation of the national currency in this
period, sugar prices in Armenia should have been reduced by almost 9
percent, i.e., the price per kilo should be AMD 325, rather than the
current AMD 370, in which case the sugar importer ("manufacturer")
would not have lost anything in revenues. Meanwhile, the current sugar
importer, "Alex Grig" company, which has "no relation to Samvel
Aleksanyan whatsoever," receives an additional profit of 45 drams per
kilo of sugar. That amounts to AMD 4,5 billion, or $9 million a year,"
the daily wrote.
Note, the monopoly on sugar imports to Armenia belongs to "Alex Grig"
company which is owned by ruling Republican Party MP, oligarch Samvel
Aleksanyan.
http://www.epress.am/en/2015/04/04/global-decline-in-sugar-prices-not-reflected-in-armenian-market.html