Forex expert advises against fixed exchange rate policy

Forex expert advises against fixed exchange rate policy
 November 23, 2011 - 14:42 AMT

PanARMENIAN.Net - Chancellor of the International Academy of Stock Trading advised against the fixed exchange rate policy as harmful to the country’s economy.

“Even China, though suppressing yuan growth, was forced to resort to floating rate policy to achieve adequate yuan/USD exchange rate,” Veniamin Safin told a news conference in Yerevan.

Dwelling on dollarization rate which is high enough is many countries, including Armenia, the expert stated that the problem will be resolved with the strengthening and stabilisation of economy.

Forex guru was sceptical as to the possibility for a dollar to yield its position as a leading world currency.

Armenia continues to adhere to floating exchange rate policy, with an AMD to USD exchange rate totalling 384, 34/ 1 as of Nov 22, 2011.

4  23.11.11 - Press conference of the chancellor of the International Academy of stock trading, forex-guru Veniamin Safin
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