Expert on Armenia’s economic prospects in context of Russia’s
restrictions on USD

16:42 * 09.01.15

In an interview with Tert.am, management expert Harutyun Mesrobyan
spoke of Armenia’s economic prospects should Russia impose
restrictions on the USD.

According to him, this process will sooner or later “knock at Armenia’s door.”

“This process is taking place throughout the world because the USA’s
enormous national debt is the cause of global instability. The Federal
Reserve System is mainly covering it by means of large-scale
emissions.

The surplus dollars enter the market and leave it in the form of
government securities and are sold to other states. In fact, the
construction of a loan pyramid continues, which enables paying off
previous debts due to new loans. Now it has caused destabilization
throughout the world, and the banking system is not efficient and
either this system continues and the funds are scattered by means of
wars and other types of instability or the USA has to be declared
bankrupt,” Mr Mesrobyan said.

According to him, a number of states are now seeking ways to get rid
of the USD. Specifically, states have in recent years purchased gold
in great quantities. The second way is dollar-free settlements in
intergovernmental relations, which poses a great threat to the USD.
And Russia’s attempts to get rid of the USD zone will have impact on
Armenia.

“Most of Armenia’s reserves are in USD terms, with some in Euro terms.
Armenia has no gold reserves, which is a challenge to our state. So we
should always be capable of diversifying. And our foreign trade must
be organized in the context of the global processes.”

From: Emil Lazarian | Ararat NewsPress