Dollar rate: all-Armenian interest

«RA Prime Minister, Economy Minister and chiarman of Central Bank Armenia must resign since the increase of currency exchange rate without warning the nation, was a pickpocketing,» the head of «Politeconom» investigation center Andranik Tevanyan said.

He compares currency depreciation with a fire in a block of apartments when the upper floor residents are not informed about the fire and eventually, they have to jump from balcony.

«Yesterday was a bloody Tuesday, there was anarchy all over the country. The two heads of the country – the president and the PM said not a single word about the currency rate,» Tevanyan noted.

Today the prices for butter, sugar and oil have gone high up in many shops in Yerevan.

Just a few days ago minister of economy Nerses Yeritsyan considered the rate of 305 AND per 1 USD to be an achievement, Tevanyan said.

«Prosecutor's Office should find out who purchased dollar during the recent 5 days and what the cashflow from Armenia was.» To avoid inflation risks, Tevanyan urges to make changes into tax-budget policy, cut budget expenses, diminish taxes, do away with check-out machines.

According to the economists, the world economic crisis impact on Armenia makes 10-20%. Then, how come the country appear in such grave a condition?

The economist disputes the CBA decision on adopting floating exchange rate policy as he remembers not a single case of CBA having adopted fixed exchange rate policy.

«Last year we suggested increasing the dollar rate little by little to have a manageable floating rate, whereas now we have a non-manageable rate since currently any forecasts are impossible,» Tevanyan said.