Haykakan Zhamanak: Russian ruble’s depreciation causes problems for EEU countries
The sharp devaluation of the Russian ruble has caused serious problems for manufacturers in the Eurasian Economic Union (EEU) member countries, including Armenia. This has triggered interesting debates, Haykakan Zhamanak writes.
“In Russia, the ruble depreciated two-fold, while in the other EEU states it fell by 20-50%. This means that only due to the exchange rate fluctuations, Russian goods become cheaper and therefore more competitive in the EEU countries’ markets. To restore the balance, the EEU countries need to depreciate their own currencies or ban imports of Russian goods by using administrative levers. The Kazakh authorities have already made a semi-official proposal regarding the second option,” the newspaper says.