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CENTRAL BANK SAYS DOLLAR TO CONTINUE LOSE ITS VALUE AGAINST ARMENIAN DRAM

YEREVAN , FEBRUARY 8, ARMENPRESS: Central Bank chairman Tigran Sarkisian told a Monday news conference that the US Dollar that devaluated 15 percent against Armenian national currency dram in 2004, will continue to lose its value in 2005. He added that the Central Bank is not going to intervene in this process and will remain faithful to the policy of “floating exchange rate.”

“We do not give assessments concerning the dram’s rate and make no forecast, like we cannot fight against Dollar’s devaluation and plan no such measures,” Sarkisian said. Sarkisian said if economic entities and individuals see that it is more profitable to keep their money in drams, there will be no deficit for it in the domestic market.

According to Sarkisian, last year Armenians working abroad sent home some $740 million. He added that according to Central Bank forecasts, price growth rate this year will make 7 percent and the average household’s income will grow by 12-14 percent.

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