Forex expert advises against fixed exchange rate policy November 23, 2011 - 14:42 AMT PanARMENIAN.Net - Chancellor of the International Academy of Stock Trading advised against the fixed exchange rate policy as harmful to the country’s economy. “Even China, though suppressing yuan growth, was forced to resort to floating rate policy to achieve adequate yuan/USD exchange rate,” Veniamin Safin told a news conference in Yerevan. Dwelling on dollarization rate which is high enough is many countries, including Armenia, the expert stated that the problem will be resolved with the strengthening and stabilisation of economy. Forex guru was sceptical as to the possibility for a dollar to yield its position as a leading world currency. Armenia continues to adhere to floating exchange rate policy, with an AMD to USD exchange rate totalling 384, 34/ 1 as of Nov 22, 2011. 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 | Armenia Security Council chief traveling to Qatar Secretary of the Security Council of Armenia Armen Grigoryan will travel on a working visit to Qatar. Pillars installed in Armenian border village of Kirants In the Armenian village of Kirants, three border markers have been installed, and border guards stand next to them. Armenian Foreign Minister regrets “tragic loss” of Iranian counterpart The Armenian Foreign Ministry has expressed shock over the death of the Iranian President and the Minister of Foreign Affairs. Armenian PM sends condolences to Iran Prime Minister Nikol Pashinyan sent a message of condolence to the Supreme Leader Seyyed Ali Khamenei. |