The recent upsurge in value of Armenia's national currency vis-a-vis the U.S. dollar is the dominating theme in Wednesday's newspapers.
"The vague explanations of the unprecedented phenomenon by Central Bank officials do not clarify the situation," "Aravot" writes. "On the contrary, they generate new, more complicated questions. In our unique country, the classical rules of the world economy do not work."
"If we believe that the strengthening of the dram is the result of huge amounts of U.S dollars on the Armenian market, it does not explain why consumer prices are going up. What's the reason for such a strange reaction by the Armenian market?" asks "Aravot."
"The groundless strengthening of the Armenian national currency, the dram, is a negative phenomenon," former Prime Minister Armen Darbinian says in an interview with "Hayots Ashkharh." "And its negative influence on the economy, on financial market, on expectations, on consumer supply and demand, etc. is obvious." The former premier believes that the current exchange rates are the result of quasi-market factors and the policy adopted by Armenia's Central Bank and banking system. He argues that the strengthening of the dram is not the result of strengthening of country's economy.
"Hayots Ashkharh" writes that the Commonwealth of Independent States (CIS) that unites post-Soviet states today faces the challenge of reconsidering its future course. "Otherwise soon it will have nothing to do," the paper writes. At the same time, "Hayots Ashkharh" warns that "any association grouped around Russia has the potential danger of reviving the former empire."