Sergey Group to suspend petrol import in Armenia for indefinite period

PanARMENIAN.Net - The upsurge of dram-to-dollar exchange rate will inevitably affect Armenian consumers, an entrepreneur said.



"We will suspend import for an indefinite period. If the rate remains fixed at AMD380-400/$1 the price for fuel will rise. However, we will work to come to an agreement with our clients," Sergey Bagratyan, President of Sergey Group engaged in import of petrol and diesel fuel in the republic, told a PanARMENIAN.Net



"The company is watching market developments. We do show flexibility in relations with clients but all depends on the exchange rate," he said.



The dram-to-dollar exchange rate has gone up to AMD 360/$1 in few hours today against yesterday's 305 -310 index for sale and purchase respectively.



Dram/euro exchange rate reached AMD 440 (against 387).



The upsurge followed CB President Arthur Javadian's statement on cessation of control over the foreign currency market and return to floating rate policy.



According to the Central Bank, the dollar exchange rate will fluctuate from AMD 360 to 380 in 2009.