ACCORDING TO WB YEREVAN OFFICE DIRECTOR, APPRECIATION OF ARMENIAN DRAM INDICATES STRENGTHENING ECONOMY
Noyan Tapan
June 05 2006
YEREVAN, JUNE 5, NOYAN TAPAN. The appreciation of the Armenian dram is
one of the indications of a strengthening economy. The World Bank (WB)
Yerevan Office Director Roger Robinson stated this in a response to NT
correspondent’s question. According to him, the dram’s appreciation
is also conditioned by cash flows to Armenia, as well as by the
depreciation of the US dollar against the pound, euro and the Russian
ruble in recent weeks. In his words, the Armenian economy is small,
so the external price shocks rapidly affect the market.
In the opinion of R. Robinson, the exchange rate of the dram stabilized
for a moment and will again do so after its appreciation observed
in the last few weeks, since the Armenian market is currently
“very efficient”. He noted that the Armenian production continues
to be competitive, at the same time a growth of productivity is
continuing. The WB representative expressed a satisfaction over rates
of development of the Armenian economy, and and the growing credits
from the banking system to the economy.