Armenia's Central Bank says situation is "manageable" as dram keeps falling

PanARMENIAN.Net - The Central Bank believes the situation in the country is manageable, as the Armenian dram keeps weakening against the dollar.

Deputy Chairman of the Central Bank Nerses Yeritsyan said Tuesday, April 6 that "no uncontrollable inflation" is expected in Armenia.

"The situation is manageable, otherwise I would have asked someone to take my place here," Yeritsyan told a meeting of the Parliamentary Committee on Financial-Credit and Budgetary Affairs.

He did admit, though, that the dollar continues to grow against the dram, which leads to an increase in prices, especially for imported goods.

"Nevertheless, this is a global process, the dollar is growing against all currencies of the world," Yeritsyan noted.

In mid-March, the Central Bank left the current refinancing rate unchanged. It was raised by 1 percentage point in December and then again by 0.25 percentage point in February to stands at 5.5%.