  Armenians treat USD as reserve currency, Forex Club expert says June 28, 2012 - 15:45 AMT PanARMENIAN.Net - Following 2009’s AMD devaluation, when the dram depreciated in a matter of a day, what we see at present is a gradual weakening of AMD exchange rate to U.S. dollar, an analyst at Forex Club Group of Companies said. “Such a gradual transformation will help avoid serious shocks at the market,” Mikhael Verdyan told a news conference in Yerevan. The expert further cited the influence of global tendencies on Armenian economy behind the dram devaluation. According to the expert, Armenia’s dollarization level has been growing since 2009, to make up 42,67% in April 2012; moreover, 47.67% of all investments in Armenia are made in foreign currency. “With memory of 2009 fresh in their minds, Armenian population prefers to save in dollars, treating USD as a reserve currency,” Verdyan explained.   Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion.   Partner news |  Latest news PACE wants concessions from Azerbaijan to accept Baku back  A PACE co-rapporteur said that Azerbaijani authorities must make certain concessions so that the country can return to PACE.Armenia PM, France envoy discuss regional matters Issues related to the consistent development of Armenia-France cooperation were discussed.Azerbaijan razes historic Armenian church to ground Azerbaijan has demolished the historic Armenian Church of St. John the Baptist (known as Kanach Zham).Turkey extends military presence in Azerbaijan The Turkish parliament has adopted a bill submitted by Recep Tayyip Erdogan to extend the mandate of Turkish troops. |
