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Reserves are depleted, the crisis begins - Avetisyan

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There is already an increase in prices. The dollar has now risen 510 drams. At this rate, the national currency will soon depreciate by 20-25% and basic consumer goods will rise in price. The deficit of these products is not excluded.

Axar.az reports that the statement came from Armenian economist Tadevos Avetisyan in an interview with Lragir.am.

"Obviously, the state budget is facing the problem of financing major expenditures. Public debt is growing. We must also take into account the lost war and the failed struggle with COVID-19.

People are already turning to banks to withdraw their dramatic investments and get dollars. This will be a serious blow because along with the dram, there will be additional demand for the dollar and the euro. It will also be an important factor in generating inflation.

There are no more resources to throw into the economy. The $ 500 million in reserves has long been exhausted. This means that soon our currency crisis will begin, and it will manifest itself in the financial market. The current situation is the result of 2.5 years of economic policy. The government has no reserves to rectify the situation, "he said.

Date
2020.11.24 / 11:42
Author
Tural Azimzadeh
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