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Decline in copper prices to affect US dollar inflow - Armen Martirosyan
15:42 * 25.01.15
http://www.tert.am/en/news/2015/01/25/Copper-prices/1569506
In an interview with Tert.am, Vice-Chairman of the Heritage party
Armen Martirosyan commented on the decline in the world copper prices.
As to possible influence on Armenia's economy, he said that it will
cause a decrease in US dollar inflow into Armenia and affect the
related economic sectors.
"Since the mining industry is our priority exporting sector, with
copper and molybdenum being the key factors, profits are expected to
decrease. In its turn, this sector will not finance the other
sectors," Mr Martirosyan said.
Workers' incomes will be reduced, which will inevitably affect trade
and services in the sector.
Armenia receives US dollars from three sources: money transfers (which
have shown a decrease),
investments and international grants (which have shown a serious
decrease) and export.
"We are now seeking to be at a distance from European markets, which
is has been a means of attracting foreign exchange. We are developing
toward the Russian market, which is in a rather poor state. So both
oil prices and this orientation will affect the country's economy and
inflow of US dollars."
From: Baghdasarian
15:42 * 25.01.15
http://www.tert.am/en/news/2015/01/25/Copper-prices/1569506
In an interview with Tert.am, Vice-Chairman of the Heritage party
Armen Martirosyan commented on the decline in the world copper prices.
As to possible influence on Armenia's economy, he said that it will
cause a decrease in US dollar inflow into Armenia and affect the
related economic sectors.
"Since the mining industry is our priority exporting sector, with
copper and molybdenum being the key factors, profits are expected to
decrease. In its turn, this sector will not finance the other
sectors," Mr Martirosyan said.
Workers' incomes will be reduced, which will inevitably affect trade
and services in the sector.
Armenia receives US dollars from three sources: money transfers (which
have shown a decrease),
investments and international grants (which have shown a serious
decrease) and export.
"We are now seeking to be at a distance from European markets, which
is has been a means of attracting foreign exchange. We are developing
toward the Russian market, which is in a rather poor state. So both
oil prices and this orientation will affect the country's economy and
inflow of US dollars."
From: Baghdasarian