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IN CASE OF DOLLAR DEVALUATION, BUDGET MAY BECOME 3 MILLIARD

Economy

“The exchange rate of a dollar has reduced to its historical minimum, while in Armenia it has increased in 2 percent”, said economist Edward Aghajanov to “A1+” . To remind, two days ago the exchange rate of a dollar was 334 darms, today it is 341 drams.

“The price of a dollar in Armenia is out of logical boundaries. There is no economic motivation for it. It is a game in favor of this or that individual, where everything is irrational”, said the economist.

Edward Aghajanov describes the situation in Armenia this way: “Whenever the exchange rate of a dollar decreases in 2 percent, our society gets bewildered, since according to the Central Bank, it means that the economic growth stops, tourists diminish and all our relatives that transfer money to us from abroad become insolvent”.

“When the value of a dram decreases, they imagine the opposite picture”, continued Mr Aghajanov noting that it was impossible to give any reasonable explanation to this. “We have no relations with the world market and it is impossible to explain, though some factors may influence on dram-dollar relations”.

There are some predictions that the exchange rate of a dollar will reduce to 320 drams, while until 2010 - to 200 drams. Mr Aghajanov refused to comment on this: “It is impossible to do any predictions in Armenia, since nobody knows what the authorities yearn for”.

“Our budget may be 3 milliard dollars as the shady economy in our country prevails. If the exchange rate of a dram increases, dollar will decrease, thus the budget in dollars seems more”, said Mr Aghajanov.