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SHOCK OVER: ARMENIAN PM SIGNALS CURRENCY MARKET STABILITY AFTER DRAM REBOUND
ECONOMY | 19.12.14 | 10:41
http://armenianow.com/economy/59496/armenia_dollar_dram_prices_exchange_market
RELATED NEWS
Ungrounded price increases will not be tolerated, says PM
Armenian Prime Minister Hovik Abrahamyan warned against currency
market speculations and "groundless" price increases as he visited
some supermarkets in Yerevan on Thursday amid apparent stabilization
of the dollar-dram exchange rate.
"If the dollar exchange rate changes by 10-15 percent a product
cannot become 30 percent more expensive," Abrahamyan told media at
one of the stores. "I am sure that people have realized that they
can't play such games with our people."
"People must not be tempted. They must not use such situations to
get more money from our people," the prime minister stressed.
The dram that hit its historic low of nearly 600 on Wednesday began
to rally strongly the following day, reaching the level of 460-480
at most exchange offices by the end of the day.
Premier Abrahamyan suggested that the "shock is over". "Yesterday the
dollar was overrated and the dram was underrated. But in the next
two days everything will be settled," he stressed, adding that the
final market adjustment of the exchange rate is likely in the next
week or so.
The turmoil in the currency market observed in Armenia since Monday
raised negative expectations among economic agents some of whom
suspended trade or raised prices in anticipation of hard currency
shortages.
Speaking to reporters on Thursday, Prime Minister Abrahamyan gave
assurances that the Armenian banking system has the necessary financial
resources to deal with such situations.
ECONOMY | 19.12.14 | 10:41
http://armenianow.com/economy/59496/armenia_dollar_dram_prices_exchange_market
RELATED NEWS
Ungrounded price increases will not be tolerated, says PM
Armenian Prime Minister Hovik Abrahamyan warned against currency
market speculations and "groundless" price increases as he visited
some supermarkets in Yerevan on Thursday amid apparent stabilization
of the dollar-dram exchange rate.
"If the dollar exchange rate changes by 10-15 percent a product
cannot become 30 percent more expensive," Abrahamyan told media at
one of the stores. "I am sure that people have realized that they
can't play such games with our people."
"People must not be tempted. They must not use such situations to
get more money from our people," the prime minister stressed.
The dram that hit its historic low of nearly 600 on Wednesday began
to rally strongly the following day, reaching the level of 460-480
at most exchange offices by the end of the day.
Premier Abrahamyan suggested that the "shock is over". "Yesterday the
dollar was overrated and the dram was underrated. But in the next
two days everything will be settled," he stressed, adding that the
final market adjustment of the exchange rate is likely in the next
week or so.
The turmoil in the currency market observed in Armenia since Monday
raised negative expectations among economic agents some of whom
suspended trade or raised prices in anticipation of hard currency
shortages.
Speaking to reporters on Thursday, Prime Minister Abrahamyan gave
assurances that the Armenian banking system has the necessary financial
resources to deal with such situations.