Haykakan Zhamanak: Armenia’s exports declined in January
Exports from Armenia decreased by 22 percent in January as compared to last year, Haykakan Zhamanak reports.
According to the newspaper, when the Armenian dram depreciated sharply at the end of last year, Armenia’s Central Bank said in a statement that the situation is related to the recent developments in the region and in the international financial market and it contributes to raising the competitiveness of exports.
“Raising the competitiveness of exports directly implies that the depreciation of dram should lead to increase of exports, and this is the only positive side of the dram depreciation. But just the opposite happened: both the dram depreciated, leading to impoverishment of people, and the exports declined as much as 22 percent,” the newspaper notes.