Russian ruble devaluation will have a number of negative impacts on Armenia. Such opinion was expressed by economist Ashot Yeghiazaryan in the interview with Aravot.am, expressing confidence that first of all the remittances will be cut, and a part of our countrymen being in RF for migrant work, will possibly also lose their job. According to the economist, the Russian construction industry will suffer losses, which is mainly employed by our citizens and the importers who pay for the goods in foreign currency: USD and Euro. “The purchasing power of the Russian population has significantly fallen. The entire load of economic problems of the country has fallen onto the people.”
To our question that the Russian government is planning to save rubles and refuses to bargain in dollars in Russia caused panic in our country too, and the citizens of Armenia who have savings in the banks are worried, Mr. Yeghiazaryan said, “If our economic situation be deteriorated, the balance of payments will be deteriorated, which has a fundamental importance for the rate of the national currency, and the deterioration of its articles is apparent on the background of essential reduction of investments.
Today, our country is a part of economy against which sanctions are applied, naturally, foreign investment will also be reduced due to this fact, as well as the export of goods, and all of this will have a negative impact on the balance of payments, which in its turn always affects the formation of exchange rate of the national currency. A question arises here as to how to keep the exchange rate. Is the Central Bank able to keep the exchange rate steady through the currency intervention? If the balance of payment gets worse, our reserves also get worse, and the reserves are not infinite, it is not always possible to buy drams from the market and sell dollars, naturally, at some point it may drastically devaluate”.
Note that according to the international experts, the rate of Russian rubles will not rise as long as the price for one barrel of oil has not exceeded the index of 100 dollars. And as far as the oil prices in Russia in the last two weeks have fallen sharply, more than half of the Russian export market falls on oil and oil products, then the ruble devaluation was inevitable.
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Lusine BUDAGHYAN
