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Oil surge to raise Rouble value, boosting Armenia's economy
12:51 * 07.02.15
In case the past three days' surge on the oil market continues, it
will raise the value of the Russian Rouble, whose increased transfers
to Armenia will likely boost the domestic economy, says Vilen
Khachatryan, a Doctor of Economics at the National Academy of
Sciences.
"When the oil price is up, it implies an increasing or increased flow
to Russia. In case the trend is sustained, the Rouble will gain value.
So from this point of view, it is possible to spend less Roubles for
purchasing Dollar, and that will positively impact Armenia's economy,"
the economist told Tert.am, meantime ruling out the possibility of a
rapid effect.
As of Friday morning, the crude oil Brent future prices for March were
up by 0.95% to $57.11; the WTA future prices for the same period
showed an increase by 1.41% or $51.19.
Khachatryan also cited the Euro exchange rate as a possible reason of
the decline.
"The Rouble today is the world's most highly devalued currency; while
all the other currencies lost value by 10%-20% in 2014, the Rouble
devaluation was down by over 40%," the economist noted.
But he refrained from making any forecasts, considering it a bit unrealistic.
"This is a trend, so in case we take the time-based approach, the oil
prices start rising from February until March; that has been the case
in the past five years. But in order to make more or less justifiable
forecasts, we need the Rouble's stabilization at a higher rate -
within the range of 60-65 Roubles per one Dollar," Khachatryan added.
Many experts believe that the current surge bears a temporary
character. "The decline in the oil value is said to be due to the
reported oil reserves and supplies in the United States. "The battle
between oil bulls and bears will likely continue tonight when the US
weekly drilling rig count numbers are released," Nicholas Teo, a
market analyst at CMC Markets in Singapore, said Friday.
http://www.tert.am/en/news/2015/02/07/vilen-khachatryan/1581991
12:51 * 07.02.15
In case the past three days' surge on the oil market continues, it
will raise the value of the Russian Rouble, whose increased transfers
to Armenia will likely boost the domestic economy, says Vilen
Khachatryan, a Doctor of Economics at the National Academy of
Sciences.
"When the oil price is up, it implies an increasing or increased flow
to Russia. In case the trend is sustained, the Rouble will gain value.
So from this point of view, it is possible to spend less Roubles for
purchasing Dollar, and that will positively impact Armenia's economy,"
the economist told Tert.am, meantime ruling out the possibility of a
rapid effect.
As of Friday morning, the crude oil Brent future prices for March were
up by 0.95% to $57.11; the WTA future prices for the same period
showed an increase by 1.41% or $51.19.
Khachatryan also cited the Euro exchange rate as a possible reason of
the decline.
"The Rouble today is the world's most highly devalued currency; while
all the other currencies lost value by 10%-20% in 2014, the Rouble
devaluation was down by over 40%," the economist noted.
But he refrained from making any forecasts, considering it a bit unrealistic.
"This is a trend, so in case we take the time-based approach, the oil
prices start rising from February until March; that has been the case
in the past five years. But in order to make more or less justifiable
forecasts, we need the Rouble's stabilization at a higher rate -
within the range of 60-65 Roubles per one Dollar," Khachatryan added.
Many experts believe that the current surge bears a temporary
character. "The decline in the oil value is said to be due to the
reported oil reserves and supplies in the United States. "The battle
between oil bulls and bears will likely continue tonight when the US
weekly drilling rig count numbers are released," Nicholas Teo, a
market analyst at CMC Markets in Singapore, said Friday.
http://www.tert.am/en/news/2015/02/07/vilen-khachatryan/1581991