21/02/2015 12:00
Haykakan Zhamanak: Armenian exports drop 22% in January 2015
Exports from Armenia dropped by 22% in January 2015 compared to the same month of last year, ‘Haykakan Zhamanak’ says noting that exports dropped to a record low in recent years, while this index has a noteworthy implication.
“In late 2014 when the Armenian dram depreciated sharply, Central Bank of Armenia issued a statement saying that “adjustment of the dram rate is due to recent developments in regional and international financial markets and helps enhance competitiveness”. Enhancing the competitiveness of exports means that the depreciation of the dram shall result in export growth, which is the only positive aspect of the dram’s depreciation. Yet the opposite happened in reality,” the paper says.