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Former Speaker: Neither Armenian Economy Nor Political Environment B

FORMER SPEAKER: NEITHER ARMENIAN ECONOMY NOR POLITICAL ENVIRONMENT BENEFIT FROM DRAM DEVALUATION

ARKA
March 26, 2009

YEREVAN, March 26. /ARKA/. Neither Armenian economy nor political
environment has taken advantage from devaluation of national currency,
MP Tigran Torosyan, former speaker of Armenian National Assembly said
at a press conference on Thursday.

After the Central Bank of Armenia announced the return to floating
foreign exchange rate policy on March 3, Armenian dram immediately
plunged 66.36 percentage points against the dollar to AMD 372.11
per dollar.

"Such a precipitous fall has undermined confidence in Armenian dram. It
would be better to do it smoother", Torosyan said.

Earlier, Vache Gabruelyan, deputy chairman of the Central Bank of
Armenia, the precipitous twist to floating rate policy was necessary
to remover ground for fear that the national currency might weaken.

In his words, the smooth process would be less effective and more
expensive.

Torosyan thinks that the authorities should have informed everybody
about problems instead of hiding them.

He thinks that Armenian authorities should have support the system,
like other countries’ governments did.

He said he has little optimism about the whole process.

Unlike Torosyan, Armenian Central Bank Chairman Arthur Javadyan,
thinks Armenian banking system is strong enough to stand exchange
rate corrections.

From: Emil Lazarian | Ararat NewsPress

Emil Lazarian: “I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS
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