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Artur Javadyan: Central Bank keeps situation under control (video)

Economy
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The chairman of the Central Bank of Armenia (CBA) Artur Javadyan today announced that the situation at the currency market has changed and presented reasons for the current situation in the market. He says the US the dollar is overvalued today. “The main reason is the panic as well as speculations by some entities. The Armenian currency – dram – will begin appreciating again after we address these problems,” he said. The CB warns that inappropriate transfers made by citizens will lead to additional losses. “We call on everyone not to be tempted by the situation and assure everyone that banks in Armenia have sufficient reserves to overcome the problem. We are keeping the situation under control and our main goal is to control inflation. To curb further dollarization the CB has already increased the interest rates on short-term loans which will be possible to reduce later,” he said. Mr Javadyan repeated once again that inflation is controlled. “I assure you that everyone who is trying to fish in troubled waters will be punished. It is possible that some businesses took advantage of the situation and raised prices. This is a violation of the law. The CB has not put any restrictions on banks in view of loans and deposits.