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World Bank Expresses Its Support To The Return To Flexible Exchange

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  • World Bank Expresses Its Support To The Return To Flexible Exchange

    WORLD BANK EXPRESSES ITS SUPPORT TO THE RETURN TO FLEXIBLE EXCHANGE RATE REGIME IN ARMENIA

    AZG DAILY
    04-03-2009

    Economy

    The World Bank expressed its support to the return to a flexible
    exchange rate regime announced by the Central Bank of Armenia and the
    accompanying policy measures to support this transition. An official
    from the Armenian office of the World Bank informed Armenpress
    that the adjustment of the exchange rate is necessary in order to
    strengthen Armenia's competitiveness and mitigate the impact of the
    negative external shocks that the economy is facing in a difficult
    international economic environment. A flexible exchange rate regime
    is a key building block of the comprehensive economic policy program
    put in place by the Armenian authorities to cope with the impact of
    the global economic crisis.

    The adjustment of the exchange rate will help Armenian companies
    to compete more successfully in global and domestic markets and
    will pave the way for high and sustained growth. According to the
    WB's information, Armenia is facing the global economic crisis with
    strong defense lines, thanks to prudent macroeconomic management,
    a low level of public debt, and a sound banking system.
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