Armenia has enough buffers to counter external shocks, MP says
11.03.2020,
12:43
Armenia has enough buffers to withstand external shocks, Babken Tunyan, chairman of a parliament committee on economic issues, said in an interview with ARKA news agency.
YEREVAN, March 11. /ARKA/. Armenia has enough buffers to withstand external shocks, Babken Tunyan, chairman of a parliament committee on economic issues, said in an interview with ARKA news agency.
The Russian ruble dropped sharply this week against the greenback and Euro, caused by a steep fall in global oil prices in the wake of the collapse of OPEC’s agreement with Russia to control crude output. The US dollar is now trading at 75 rubles, while the euro rose above 85 rubles.
"Since Armenia is a small and open country, we cannot avouid international influences, but to what extent, it’s difficult to say, time will tell," Tunyan said. He added it is still difficult to predict the possible impact, however, unlike 2014-2015. Armenia today has more resources to counter external shocks.
According to him, this was achieved by reducing dependence on money transfers, in particular, their share in GDP decreased significantly, and international forex reserves increased significantly.
"That is, we have all the necessary buffers to counter external shocks. The Central Bank keeps the rest under control, and the Ministry of Economy also monitors the processes," said Tunyan.
He noted that one should soberly assess the current situation and not create panic moods, since the economy immediately responds to negative expectations.
Regarding the possible impact of the depreciated Russian ruble on the Armenian economy, according to the deputy, at the moment there are no grounds for such fears. --0--
The Russian ruble dropped sharply this week against the greenback and Euro, caused by a steep fall in global oil prices in the wake of the collapse of OPEC’s agreement with Russia to control crude output. The US dollar is now trading at 75 rubles, while the euro rose above 85 rubles.
"Since Armenia is a small and open country, we cannot avouid international influences, but to what extent, it’s difficult to say, time will tell," Tunyan said. He added it is still difficult to predict the possible impact, however, unlike 2014-2015. Armenia today has more resources to counter external shocks.
According to him, this was achieved by reducing dependence on money transfers, in particular, their share in GDP decreased significantly, and international forex reserves increased significantly.
"That is, we have all the necessary buffers to counter external shocks. The Central Bank keeps the rest under control, and the Ministry of Economy also monitors the processes," said Tunyan.
He noted that one should soberly assess the current situation and not create panic moods, since the economy immediately responds to negative expectations.
Regarding the possible impact of the depreciated Russian ruble on the Armenian economy, according to the deputy, at the moment there are no grounds for such fears. --0--
