Tweet
Problem or Challenge?: National currency down about 16 percent over year ago
ECONOMY | 29.01.15 | 15:05
http://armenianow.com/economy/60188/armenian_dram_russian_ruble_crisis_in_russia
By SARA KHOJOYAN
ArmeniaNow reporter
The downturn of Russia's economy resulting from Western sanctions
negatively affects Armenia, but could also be an opportunity,
economists say.
At a discussion Thursday at Media Center in Yerevan, Ashot
Khurshudyan, an expert with the International Center for Human
Development, predicted that if Saudi oil prices continue to drop, the
already-weakened Armenian dram will deflated further. The national
currency has felt the impact of the 34-percent depreciation of the
Russian ruble, dropping by Thursday to 475 drams/US dollar (as opposed
to 409 this time last year).
According to Khurshudyan, the current situation is not profitable for
Armenian producers, either, while many products of Russian origin may
become cheaper and throw local producers out of competition.
Nevertheless, the US dollar's appreciation may not last long, as,
according to economist Tatul Manaseryan, Head of Alternative Research
Center, because of decrease of export volumes the US might implement
artificial devaluation of the dollar.
"Global tendencies will reflect on Armenia, and in order to prevent
the country from being a simply a passive recipient, we must use the
opportunities the crisis has created," Manaseryan said.
According to the expert, Armenia can use the opportunity and cut down
its dependency on transfers, or import cheaper materials from Russia
and use them in production.
"We must also open the doors for high technologies, and not tax
equipment running on new technologies," Manaseryan added saying that
currently only those who import equipment of more than one million AMD
use this advantage.
"This adds water to the mill of business," the economist said.
ECONOMY | 29.01.15 | 15:05
http://armenianow.com/economy/60188/armenian_dram_russian_ruble_crisis_in_russia
By SARA KHOJOYAN
ArmeniaNow reporter
The downturn of Russia's economy resulting from Western sanctions
negatively affects Armenia, but could also be an opportunity,
economists say.
At a discussion Thursday at Media Center in Yerevan, Ashot
Khurshudyan, an expert with the International Center for Human
Development, predicted that if Saudi oil prices continue to drop, the
already-weakened Armenian dram will deflated further. The national
currency has felt the impact of the 34-percent depreciation of the
Russian ruble, dropping by Thursday to 475 drams/US dollar (as opposed
to 409 this time last year).
According to Khurshudyan, the current situation is not profitable for
Armenian producers, either, while many products of Russian origin may
become cheaper and throw local producers out of competition.
Nevertheless, the US dollar's appreciation may not last long, as,
according to economist Tatul Manaseryan, Head of Alternative Research
Center, because of decrease of export volumes the US might implement
artificial devaluation of the dollar.
"Global tendencies will reflect on Armenia, and in order to prevent
the country from being a simply a passive recipient, we must use the
opportunities the crisis has created," Manaseryan said.
According to the expert, Armenia can use the opportunity and cut down
its dependency on transfers, or import cheaper materials from Russia
and use them in production.
"We must also open the doors for high technologies, and not tax
equipment running on new technologies," Manaseryan added saying that
currently only those who import equipment of more than one million AMD
use this advantage.
"This adds water to the mill of business," the economist said.