Armenia’s banking system heads for dedollarizationSeptember 18, 2010 - 16:02 AMT PanARMENIAN.Net - Independent expert, PhD of Economic Sciences Samvel Avagyan said that dedollarization trends are observed in Armenia’s banking system. This is proved by the structure of loans granted by banks, in which AMD loans prevail, Avagyan told a press conference in Yerevan. Moreover, according to the expert, the Armenian banks have around $400mln excess of dollar liquidity. Avagyan noted that if the process of dedollarization starts in Armenia, it may result in sharp decrease of USD exchange rate, reaching AMD300/USD 1. However, it is undesirable, said Avagyan. Head of the Department on Macroeconomic Policy Development at the Armenian Ministry of Finance Armen Hayrapetyan also agreed that dedollarization trends are observed in Armenia’s banking system, but refrained from making forecasts concerning the exchange rate this year. 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 | Turkey condemns Uruguay’s recognition of Armenian Genocide Turkey has condemned a newly passed law in Uruguay that recognizes the Armenian Genocide, TRT reports. For the first time, Armenia votes in favor of Georgia resolution in UN Armenia on Tuesday, June 4 voted for the first time in favor a resolution adopted by the United Nations General Assembly. Moscow warns Armenia against leaving Russian-led defense bloc Armenia could ruin its military ties with Russia if it continues drifting towards the West, according to a senior official in Moscow. Moscow says ready to support Yerevan-Baku reconciliation Moscow has confirmed its readiness to support the reconciliation of Yerevan and Baku. |