G. Khachatryan: Current situation has great impact on economy

The fluctuations of the dollar/dram exchange rate are a consequence of Armenia’s monetary and credit policy, Finance Minister Gagik Khachatryan told journalists in the parliament today.

As for the mechanisms developed for this purpose, the minister said that this falls within the competence of the Central Bank of Armenia (CBA).
In his words, the current situation has a great impact on the economy and is at the center of their attention.

“We are trying to find a way out of the situation by joint efforts. The government conducts consultations every day,” G. Khachatryan said. According to him, CBA should not be blamed for everything since “such processes occur in all countries”. 

The problem is that in Armenia this phenomenon is developing rapidly, the minister said. “First of all, CBA assesses the conditions so as to amend the situation later, based on the proposed solutions,” he said.

In response to a question about the measures being taken by Finance Ministry, G. Khachatryan said that in the first place, the ministry implements a fiscal policy, raises revenues and reduces expenditures.

“New rules of game are emerging with every passing day, every hour so we together with CBA and the Armenian government are trying to use such instruments and measures that will stabilize the situation,” he said.

Asked by the correspondent of Aysor.am if the current processes could lead to the introduction of a new monetary unit, the finance minister replied that no such issue was considered.