Time in Yerevan: 11:07,   20 April 2024

Effects of ruble's devaluation on Armenian economy

Effects of ruble's devaluation on Armenian economy

YEREVAN, SEPTEMBER 17, ARMENPRESS. The continued devaluation of the Russian ruble and effects of sanctions imposed toward Russia may have an impact on Armenia’s economy. Taking into consideration the fact, that Russia is Armenia's number one trading partner and the main part of transfers reaching to Armenia is in Russian currency, then changes in financial field are inevitable.

However, expertise field still avoids making predictions about volume of expected effects mentioning that they depend on political developments. In conversation with “Armenpress”, Deputy from the Republican Party of Armenia and Chairman of the Financial Affairs Committee of National Assembly of the Republic of Armenia Gagik Minasyan abstained from making predictions at the present moment, saying that upcoming development of the situation depends on political processes. “Now it is hard to say whether this reality will be lasting or not and what kind of development directions it will have.  The Russian and Western experts do not share the same opinion on this issue. Some of them say that as the reason of these processes Russia's domestic production will be spurred, while the others are not optimistic. Everything depends on political developments over Ukraine. Economic developments depend on the solution of the Ukraine issue,” Minasyan noted.








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