Currently, inflation is at 9%, but it may rise higher in the summer months - Martin Galstyan

The Chairman of the Central Bank, Martin Galstyan, stated in a press conference today that he does not rule out the possibility that the appreciation of the national currency could create certain problems for some companies. He explained, “The question here is how we will solve the issue. One option that has been suggested to us is to artificially devalue the exchange rate of the dram, which would create a new, worse inflationary situation that would affect all citizens of Armenia, including exporters. If the situation becomes uncontrollable or spirals out of control, the same exporters will face problems.”

When asked why the prices of imported goods have not decreased following the appreciation of the dram, Galstyan noted that inflation is currently at 9%, but it is possible that it could rise further during the summer months. He added that he cannot provide an exact estimate of how much prices will increase, as these months are very volatile, depending on the expected abundance or scarcity of harvests, as well as the cost fluctuations between expensive and cheap items. “However, the year will essentially end with 8% higher indicators,” he concluded.