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IMF RESIDENT REPRESENTATIVE ENDORSES ARMENIAN OFFICIALS ARGUMENTS

YEREVAN, JUNE 14, ARMENPRESS: James McHugh, resident representative of the International Monetary Fund (IMF) in Armenia, have endorsed today the arguments of Armenian banking officials that the renewed strengthening of Armenia’s national currency, Dram, against US Dollar was the ‘result of market factors.”

Speaking to an international seminar in Yerevan McHugh said US Dollar was losing its value not only against Armenian Dram, but also against other currencies. McHugh praised Armenian Central Bank’s floating policy when the rate of currencies is defined by the market demand. He said multi-million dollar money transfers from thousands of Armenians working abroad was another key factor accounting for the unabated gain of the Dram against Dollar.

McHugh said positive economic trends in Russia have played a role in the increase of Russian money transfers to Armenia, backed up by high prices of oil. McHugh said the Central Bank can regulate the exchange rate of the national currency by buying ‘extra US Dollars’ but to do so it will have to issue more Drams, but it would lead in turn to higher rate of inflation and affect vulnerable sections of the population.

McHugh argued further that strengthening of Dram was a positive process that would consolidate consumer confidence in it.

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