ARMENIAN TV REPORTS PRICE HIKE AFTER CHANGE IN CURRENCY POLICY
Public TV
March 3 2009
Armenia
[Presenter] A few businesses tried to use the Central Bank’s
statement for their financial interests in the afternoon. Petrol
stations raised even the prices of their reserve fuel in expectation
of receiving extra profits – raising the current price of 260 drams
[about 70 cents] for premium class petrol [per litre] to 310 drams
[about 83 cents]. A few importers tried to raise prices for already
imported goods which are sold in shops. The Star supermarket network
had to announce suspension of its operations due to technical reasons
because of the boom; and then to hold talks both with big importers
and representatives of the economic competition commission. Later the
Star network resumed operations and said that there will be no price
hikes. Earlier Armenia’s anti-monopoly commission called for prices not
to be raised. The anti-monopoly commission had to make the statement
that the market of 40 major goods is under strict control, the sector
is monitored on an hourly basis. All speculators will be punished.
[Ashot Shahnazaryan, the chairman of Armenia’s commission for
protection of economic competition] A few trends are already apparent
– that prices for some goods have increased in some supermarkets and
shops. A part of these hikes does not in any way comply with changes
supported by economic factors. In this regard, very strict measures
will be taken, we will already be carrying out daily monitoring
in the market for these 40 goods. We will sum up the results of the
monitoring and will take measures and open cases as necessary. We will
apply administrative fines against errant businesses according to the
provisions of the Armenian law on protection of economic competition.