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Press Review


Armenian newspapers report and comment on the depreciation of Armenia’s national currency, the dram, which resumed on Tuesday, prompting an urgent statement from the Central Bank.

“What happened in Armenia’s financial market yesterday can easily be called lawlessness,” writes “Haykakan Zhamanak.” “A lawlessness that was upheld by the Central Bank of Armenia and inevitably involved all Armenian banks and currency exchange shops. Throughout the day the banks bought dollars for 430 to 437 drams per dollar and purportedly sold them for 440 to 450 drams per dollar. In the afternoon exchange shops were buying dollars for 440 drams per dollar and purportedly sold them for 460 drams per dollar. Later in the day the Central Bank set an exchange rate purportedly standing at 442.3 drams per dollar. Purportedly. These three facts summed up yesterday the whole essence of our financial market.”

“Up until September 3, 2013 many of us thought that our drift towards the European Union is irreversible,” editorializes “Aravot.” “But [Russian President Vladimir] Putin reversed that movement overnight. When the United States supported [Osama] bin-Laden in his fight against the Soviet Union [in Afghanistan] it thought that bin-Laden’s loyalty to America is irreversible. But the number one terrorist eventually turned against the U.S. By the same token, when the U.S. supported the Arab Spring it thought that it will get more friendly [Arab] regimes. However, years of chaos [in the Arab world] have produced forces that are not at all friendly to America.”

(Naira Bulghadarian)

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