Yerevan /Mediamax/. Commerzbank believes that Russia, Ukraine and Kazakhstan should abandon their currency management regimes and move toward a free float like nearby Armenia.

Mediamax reports referring Bloomberg, Michael Ganske, head of emerging-markets research in London at Commerzbank stated that “Armenia has done better than all the others by moving straight to a free float”.

“It gives them the flexibility to adjust to new economic scenarios. In the current global environment it’s very, very hard to maintain an overvalued currency,” Michael Ganske noted.