Appreciation of Armenian dram had negative impact on
development of domestic production, Vazgen Safarian says
06-03-2009 19:00:00 | Armenia | Economy
YEREVAN, MARCH 6, NOYAN TAPAN. The appreciation of the
Armenian dram has had a negative impact on the development of
domestic production, as a result of which in 2008 exports fell
by 7.8% to 1 billion 69 million USD, while imports grew by 35%
to 4 billion 411.7 million USD. The chairman of the Union of
Manufacturers of Domestic Goods Vazgen Safarian expressed this
opinion at the March 6 press conference.
He said that the floating exchange rate of the national
currency will allow developing domestic production. In his
words, the state should revise its approaches and stereotypes
that prevent the country's economy from developing. According to
V. Safarian, the state should regulate and manage the economy.
"A policy of shock therapy of the free market economy has been
conducted in Armenia in the past two decades. The result is that
we have a small group of rich people and a huge mass of those in
hard conditions," he said.
V. Safarian expressed confidence that it is possible to
increase exports about 1.5fold and reduce imports 2fold by
taking active state measures.