Yerevan /Mediamax/. World Bank (WB) welcomes the decision of Armenian Central Bank on returning to floating exchange rate.

Mediamax reports that the Head of Yerevan office of WB Aristomene Varoudakis stated today that adjustment of the exchange rate was a necessary measure to increase the competitiveness of Armenian economy and to mitigate the consequences of the global crisis. According to him, Armenian CB will not realize interventions to support the national currency exchange rate, except for cases, when it becomes necessary to prevent abrupt fluctuations.

Aristomene Varoudakis stated that “we are pleased with the fact that now there is quite a calm situation in the market”. Commenting on the opinions, according to which the decision of the Armenian CB was belated, he noted that “the most important thing is to be farseeing and to systematically implement tools”.

Aristomene Varoudakis stressed that simultaneously with the return to the floating exchange rate policy, WB recommends the Armenian government to realize structural changes for the growth of inflation to be as insignificant as possible for insecure layers of the population.

He stressed that anti-monopoly bodies of Armenia “have to prevent speculations in the market”. According to him, now these bodies “should be strong and independent”. WB representative also noted that tax and customs bodies should secure equal conditions for all importers, ruling out formation of monopolists.