Armenian government to continue floating exchange rate policy

Amid the spontaneous development of global tendencies, the Armenian government will continue to follow the floating exchange rate policy in order to protect the economy from long-term instability, Armenian Prime Minister Hovik Abrahamyan said in a statement. 

The current processes on Armenia’s financial market are conditioned mainly by global and regional developments, which are not devoid of obvious speculative elements, the prime minister said.

“The government assists the Central Bank of Armenia’s (CBA) efforts aimed at stability of the financial system and makes every effort to ensure the natural functioning of the financial system and to protect the interests and rights of Armenian business entities and citizens.

All the depositors can be sure that there is an efficient deposit guarantee system in Armenia and that the government and the CBA have done and will do their best to protect citizens’ deposits.

The government keeps in touch with its international partners and is convinced that thanks to joint efforts and good sense, we will be able to ensure stability in the financial and commodity markets, ruling out unfounded rises in prices of consumer goods,” the statement says.