  Businessman predicts USD1/AMD 520 rate in 2014 June 14, 2012 - 17:26 AMT PanARMENIAN.Net - USD will continue to strengthen, resulting in dollar deficit in Armenia in near future, chairman of Union of Employers said. “The USD rate will total about AMD 460 and 520 in 2013 and 2014 respectively,” Gagik Makaryan said. He named six sources Armenia gets USD from: export ($1,3 bln in 2011), transfers (about$2 bln in 2011), loans from international donors, tourism, various grants entering the country and reserve funds. “These sources are mainly used by importers who need USD for foreign trade. Last year, for instance, import volume totaled $4,1 bln,” he said, adding that $1 bln will be added later to pay the external debt in the coming two years. “The demand in USD will increase by 10-11% if the half billion divided by the total demand. Consequently, price increase is recorded in case of growth of dollar demand, whereas the volume remains unchanged,” Makaryan said. He said that the AMD depreciation may have positive consequence for exports and RA citizens getting money transfers from abroad and negative given price increase in imports during dollar rise.   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 U.S. warns Georgia not to side with Moscow against the west  Georgia has been warned by the U.S. not to become an adversary of the west by falling back in line with Moscow.Power of One Dram sums up two-year program with Teach for Armenia Idram Junior also joined the companies during the visit, bringing with it a fascinating intellectual game for childrenMoscow slams EU mission in Armenia for “provocative activity” The EU mission is doing more and more against Armenia’s neighbors Russia, Azerbaijan and Iran, Mikhail Galuzin said.Yerevan Mayor to travel to Paris on May 15-19 The official delegation headed by Yerevan Mayor Tigran Avinyan will travel to Paris from May 15 to 19. |
