Serzh Sargsyan: AMD revaluation unacceptable phenomenon for local producers

PanARMENIAN.Net - Armenian President Serzh Sargsyan said that revaluation of the local currency – AMD – is an unacceptable phenomenon for local producers and economy.

“In my opinion, similar phenomena hindered Armenia,” Mr. Sargsyan said during the March 11 meeting.

He expressed belief that Armenia will not face similar developments.

“Naturally, we understand that the cost of the national currency is formed as a result of foreign currency flows, while all forecasts suggest that AMD will record a stable and slow devaluation, without any considerable rises during the year,” Sargsyan said.

He added that similar developments are “normal and favorable for business entities, first of all, exporters,” the RA presidential press service reported.

Armenian Prime Minister Tigran Sargsyan, Deputy Prime Minister, Minister of Territorial Administration Armen Gevorgyan, Presidential Staff Chief Karen Karapetyan, ministers of finance, economy, agriculture, energy and natural resources, urban development, labor and social affairs, head of the Central Bank of Armenia, head of the RA State Revenue Committee, head of the RA State Commission for the Protection of Economic Competition and others participated in the meeting.