Chshmarityan: Dram depreciation is result of speculation

The depreciation of the Armenian dram is a result of speculation, Armenian Minister of Economy Karen Chshmarityan said in the Armenian parliament today. He at the same time refused to clarify what speculation has resulted in the dram’s fluctuations.

“I can’t say who is to blame, but it is of a speculative nature. Probably for this reason there has been some impact on the price growth, but the economic indices and the situation are not such that they would lead to such fluctuations within a day. In any case, it is not the result of the economic situation,” the minister noted.

Asked what consequences the dram’s depreciation will have, the minister replied that the Central Bank of Armenia (CBA) has administrative and legislative tools to avoid these consequences.

Asked if the government included these fluctuations into the budget, Chshmarityan said it is impossible to forecast such speculative phenomena when developing the state budget.

In the minister’s opinion, the CBA will regulate the situation soon.