11:00, 6 March 2009

Shakhnazaryan: Armenian consumer markets get normalized

In Armenia, prices on essential foodstuffs and the cost of US dollar went down. Ashot Shakhnazaryan, Chairman of the State Commission for Defence of Economic Competition, said at a briefing on March 6 that the situation in Armenian marketplaces has normalized.

According to Mr Shakhnazaryan, in the first hours after introduction of the "floating rate" of the dram (national currency), the US dollar went up to 420 drams for US dollar; naturally, the prices followed, however, yesterday and today, the dollar stabilized at 350-360 drams and, accordingly, the prices also went down.

"The situation in the markets caused by some panic among the population as to possible further increase of prices has already normalized," the head of the State Commission has stated. According to his story, a certain price growth is natural, since such was the trend in the world market, therefore, the price growth in Armenia should be considered in this context either.

Author: Lylyt Ovanisyan

Source: CK correspondent