Yerevan /Mediamax/. Armenian President Serzh Sargsyan said today that the government and Central Bank “should enhance their efforts to mitigate the negative impacts on our economy coming from the external world and smoothly carry out the necessary adjustments”.

The President said this addressing a speech at the session of the Union of Manufacturers and Businessmen (Employers) of Armenia.

“Armenia with its liberal economy can’t be fully detached from the processes going on in the global economy. This year, we evidenced the deterioration of economic situation in our major commercial partner Russia which was characterized by price raise speedup by up to 8.8% alongside with the decline in economic growth, about USD90bln capital outflow and 40% devaluation of Russian ruble against U.S. dollar. As compared to last December, U.S. dollar has increased in price by 10.2% against Euro, 8.6%- against Swiss franc, 4.3% against British pounds, 15.1% against Japanese yen, 8.9% against Georgian lari.  

Georgia's example vividly denies the hypotheses of people who think devaluation of the Armenian dram resulted from Armenia's membership to Eurasian Economic Union. In this case, why is Georgian lari being devaluated: Georgia has signed the Deep and Comprehensive Free Trade Agreement. And why are the national currencies of all remaining countries being devaluated?'', said Serzh Sargsyan.