Economy minister: Armenia exporters, IT sector deeply concerned about devaluation of US dollar

Exporters and the IT sector of Armenia are very concerned about the devaluation of the US dollar. Minister of Economy Vahan Kerobyan told reporters about this after Thursday’s Cabinet meeting of the government sitting.

“Monetary policy should help economic growth and help two important sectors: exporters and the IT sector. We have many concerns from these two sectors—in connection with the considerable rise of the [Armenian national currency, the] dram,” Kerobyan said.

He said that they had a respective discussion with the business community of Armenia.

“Obviously, the current account is positive, the money entering the country is more than the one leaving the country; this is happening for the first time in recent years, which shows the consistent work of the government in the matter of promoting local production and investments. In this case, the Central Bank must start using a new mechanism. We understand their concerns in connection with inflation, but all that must be done so that important branches of the economy are not endangered,” said the minister.

According to Vahan Kerobyan, the Central Bank of Armenia has a broad mechanism and can do so to have a more balanced exchange rate.

“Of course, the dram is strengthening against the dollar, but the dram-[Russian] ruble pair is still in stable condition,” he said.

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