Concerns in Certain Sectors of the Economy Due to Dollar Depreciation, Says Kerobyan

Armenia is experiencing a net influx of money, according to the Minister of Economy Vahan Kerobyan, who stated today that this is a result of the government's consistent efforts in boosting local production and investments. Moreover, he is confident that there is a significant flow of investments.

However, Kerobyan acknowledged that the depreciation of the dollar has raised serious concerns among operators in certain sectors. “There is significant anxiety in some sectors, primarily among major exporters like the IT sector,” Kerobyan announced, indicating that various discussions are taking place with operators from different sectors, as well as partners from the government and the Central Bank, to ensure that important branches of the economy are not threatened.

According to him, the Central Bank should begin to apply new tools in this situation. In response to a journalist's question about whether the Central Bank should do something it is not currently doing, the Minister replied, “The Central Bank has a wide range of tools and can ensure a more balanced exchange rate. For example, the dram is strengthening against the dollar, but the dram-ruble pair remains relatively stable for now.”

In response to the question about why prices do not decrease when the dollar exchange rate falls, Kerobyan suggested directing that question to the Central Bank. Reacting to the Minister's comments, a journalist noted, “Since the Central Bank has a broad range of tools and is currently utilizing those tools that are effectively appreciating the dram, have you given your approval?” to which the Minister responded negatively. “No, I have not given my approval,” stated Kerobyan.