Yerevan /Mediamax/. Academician of Russian Academy of Sciences (RAS) Abel Aganbegyan stated in Yerevan today that in conditions of the global crisis, Armenia needs an “abrupt decrease of AMD exchange rate against dollar and other convertible currencies to stimulate export and import substitution”.

Mediamax reports that Abel Aganbegyan said this, speaking at a round table on “Crisis preventive management in present conditions: problems and tasks”, organized by the High School of Corporate Management. According to him, “the exchange rate for AMD is strongly overestimated”.

Abel Aganbegyan stated that in present conditions, the Armenian authorities should render serious support to 10-11 backbone enterprises. Among them the Academician noted chemical and mining and smelting enterprises. The Academician also noted that the Armenian authorities should organize “tax vacations” for producers and exporters.

High School of Corporate Management presented a report at round-table, which noted the dependence of Armenian economy on Russia. The report, in particular, reads that if private transfers from Russia reduce by 10%, Armenia’s GDP will cut down by 36,6%. 

Director of “Nairit” Plant Vahan Melkonyan, who spoke at the round-table, described the work of tax and customs bodies of Armenia as “incomprehensible” and criticized the policy of AMD appreciation. He also noted the inability of Armenia’s banking system to credit large enterprises, such as “Nairit”, informing that in spring, 2008, the enterprise signed a contract with European banks to receive a syndicated credit at the volume of $250mln, which was not provided because of the global crisis.

“Nevertheless, we hope to receive at least a part of the given credit”, head of the Factory stated.