Armenia is not heavily reliant on Russian market - says economist (video)
In the given situation when the demand for the US dollar is growing, we should try to increase the demand for the Armenian dram to restore the equilibrium. In order to do it, we should take part of the dollar out of circulation, says Economist Mikael Melkumyan. “Instead, we witnessed that the dollar was turned into a product which was purchased and stored by people. As a result, the dollar became so scare in the market that banks, exporters and people had to keep it which was quite natural,” said the lawmaker of the Prosperous Armenia Party (BHK). Mr. Melkumyan says the officials responsible for the fluctuations failed to take measures to save the situation. The MP does not agree with the opinion that Armenia is heavily dependent on the Russian market and says 43 percent of our exports depend on European markets.
