RA CB to continue intervention in foreign exchange marketsMarch 12, 2009 - 15:39 AMT PanARMENIAN.Net - "CBA will periodically intervene in foreign exchange rate market, buying up little quantities of US dollars to prevent speculative shocks," the Chairman of Parliamentary Commission for Finance, Crediting, Budget and Economy, Member of RA Republican Party Gagik Minasyan told a news conference on Mar. 12, commenting on dram devaluation and CBA introduction of floating exchange rate policy. According to him, the situation in the foreign exchange rate market has stabilized."The return to floating exchange rate policy has long been expected," he noted, citing two reasons for that drastic step. "Armenia's banking system was ready to service their clients and pay interests for all the investments previously made. Besides, inflation rate comprised 5.2% in 2008, and in 2009 it decreased by 0.7%." He added that in 2008 inflation pressure in Armenia was much lower than in other CIS countries, where the minimal inflation rate comprised 10%. Minasyan stressed that a phased introduction policy would have had a number of disadvantages. "Upon termination of the next step, wide sections of the population and banking systems would start buying out great amounts of foreign currency to secure themselves against losses. As a result, CBA would be forced into selling more foreign currency offering more possibilities for speculators to increase their incomes." Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Director General of Ucom takes part in recruiting conference Ralph Yirikian participated in the Recruit Days business and networking conference organized by Move2Career. Ameriabank named Best Bank in Armenia for 2024 by Global Finance Ameriabank has been named the Best Bank in Armenia by Global Finance magazine in its 31st annual awards. Armenia to participate in key EU meeting for the first time ever National Assembly speaker Alen Simonyan has said that Armenia will for the first time participate in the Conference. Lavrov rejects Armenia’s “defamation” of Russia, CSTO Lavrov decried the Armenian leaders’ “defamation” of Russian soldiers and border guards deployed in Armenia. |