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Time in Yerevan: 11:07,   29 March 2024

Possible impacts of ruble depreciation: Armenian economist says Russian economy is steadily developing

Possible impacts of ruble depreciation: Armenian economist says Russian economy is steadily 
developing

YEREVAN, APRIL 10, ARMENPRESS. Economist Tatul Manaseryan links the recent depreciation of the Russian ruble with the stabilization and appreciation of the dollar and Euro currencies, which doesn’t allow drawing parallels with the past depreciation.

“Overall, recently the Russian economy is in stable developments and I believe this will continue,” Manaseryan told ARMENPRESS.

Speaking about the new US sanctions on a number of Russian businessmen and officials, Manaseryan mentioned that Armenia might suffer a mediated negative impact from this.

“I don’t think this can have a big impact, because essentially there are no projects where Armenia’s participation can cause problems for the US government. The Armenia-US economic and political relations are on a rather high level. I would like to remind that when sanctioning Iran the US approached the Armenia-Iran development prospects with understanding,” he said.

Nevertheless, individual people based in Russia and ethnic Armenian businessmen may suffer direct damages from the sanctions. “In order to refrain from future mediated negative impacts Armenia should form a national agenda and maximally diversify both the structure of the GDP structure and the exports structure,” Manaseryan said and added that it is necessary to rule out the dependency from one individual branch and country.

According to him, practice showed that during depreciation of the Russian ruble, the purchasing power is dropping especially in case of exports products, which in turn leads to slower and lesser sales of Armenian products.

Earlier on April 6, the US imposed sanctions on 38 Russian businessmen, officials and companies.

As of April 10, the currency exchange of 1 dollar exceeded 63 rubles, while 1 Euro reached 78 rubles.

 

English –translator/editor: Stepan Kocharyan








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