Businessman: Force majeure situation in economy (video)
We are witnessing a ‘force majeure’ situation in the economy, says Republican lawmaker Alexan Petrosyan. “Many businesses have closed down, there has been a sharp decline in production volumes, export and import. Naturally, this will lead to the reduction of taxes,” said Mr Petrosyan, the owner of “MAP” Company that procures agricultural products and exports its productions overseas. However, the products exported by MAP are no longer competitive outside Armenia. “The euro has depreciated by 40% in Europe and the Russian rubble by 100%, making our productions non-competitive in foreign markets,” he said. The lawmaker says the Armenian Parliament cannot do anything to change the situation. The situation can be amended by the government in 2-3 months. “The dram should reflect the production line and I think one dollar should be traded at 800 drams. Loans should be reformulated in the Armenian dram. Also the government is to adjust pensions and since our import exceeds export four times,” he said. The MP says Armenian products should be cheaper, especially for Russian consumers. “The same product imported to Russia from other countries is less expensive,” he said.
