Why to keep dollars not drams

“Why do people keep dollars not drams? Why does everybody change drams into dollars? …especially the juridical persons, I can understand the natural ones”. These questions were uttered today in a conference by Emil Soghomonyan, the chairman of the Union of Banks of Armenia. And he answered: “This is the imperfect state of legislation. The law on currency must refer not only to the banks but also to the managing bodies.

As to him, in Armenia the dollar could not have been overvalued and dram devalued so much. The dollar could have been overvalued if there were a raise in the economy of the USA. Emil Soghomonyan stated that no raise in the money amount was registered in Armenia, and when the transfers became less, the growth in the economy also was decreased.

The financier also criticized those trying to earn money on dollar-dram exchange business.
Emil Soghomonyan does not exclude the fact that one day no one will need dollar. “The international events can’t be predicted”.

“The republic is being dollarized more than it was by 2000. If we start saving only dollars, the results will be crucial, not only in Armenia but in any other country, e.g. in China”,- mentioned the specialist.

Emil Soghomonyan thinks that if we change our money recourses into dollars, then the government is to make a decision about extracting drams from circulation and accepting other currency, as a means of payment.