Gagik Minasyan: Dram depreciation not related to domestic developments

Due to the recovery of the U.S. economy, the dollar is appreciating, while other national currencies are depreciating, the chairman of the Armenian parliament’s standing committee on financial, credit and budgetary affairs Gagik Minasyan said at a meeting with reporters today.

In his words, the dollar’s strengthening and the slump in oil prices had an impact on the collapse of the Russian ruble.

The committee chairman said the depreciation of the Armenian currency – the dram is not related to domestic developments. According to him, Armenia is a small country with an open economy that is subject to great financial impacts.

He at the same time underlined that the current situation was influenced by ‘panic manifestations’ in recent days due to the activities of several people who lacked skills, opportunities and knowledge to make decisions in a rapidly changing situation.  He noted that “after buying dollars at very high prices, some people found themselves in a difficult situation and worsened their position”.

The dram/dollar rate fluctuations have resulted in unfounded increases in the prices of some goods, which also has something to do with panic, G. Minasyan said.