Baku, Azerbaijan, Nov. 27
The funds of the Central Bank of Armenia will not be enough to prevent the daily depreciation of the dram, Dr. Professor of Economic Sciences, member of the Armenian National Congress department Zoya Tadevosian was quoted by "Chorrord Ishkhanutyun" newspaper, Armenian ARKA news agency reported.
"I believe that the Central Bank uses the funds to maintain the rate stability until January," she said. "But the fall will be unpredictable after January."
Not only businessmen, but also ordinary citizens will face great losses in the next few months.
Tadevosian also believes that the ruble depreciation and Armenian importers' loss due to the appreciation of the dollar rate will cause great losses because the commodity prices are rising while the consumer market is shrinking. This situation will lead to a drop in economic activity. Afterwards, the poverty will be observed among the population.
"We will face extreme poverty," the expert said.
edited by CN