John Heffern: Dollar appreciation not result of a policy

The appreciation of the dollar is a result of market trends, rather than a policy, the outgoing U.S. Ambassador to Armenia John Heffern said during a press conference today.

He said that the currency fluctuations are nothing other than a result of the developments taking place in the market.

According to Mr Heffern, the currency fluctuations were caused by the market forces conditioned by several factors such as a drop in oil prices, etc. There was no political intervention, the ambassador noted, admitting that the past week was hard indeed in terms of sharp fluctuations of the currency rate.

John Heffern expressed an opinion that the situation will stabilize, but he found it difficult to say when the exchange rate stability will be restored and at what level.

He urged citizens, companies and the government to work jointly.