Forex expert advises against fixed exchange rate policy November 23, 2011 - 14:42 AMT PanARMENIAN.Net - Chancellor of the International Academy of Stock Trading advised against the fixed exchange rate policy as harmful to the country’s economy. “Even China, though suppressing yuan growth, was forced to resort to floating rate policy to achieve adequate yuan/USD exchange rate,” Veniamin Safin told a news conference in Yerevan. Dwelling on dollarization rate which is high enough is many countries, including Armenia, the expert stated that the problem will be resolved with the strengthening and stabilisation of economy. Forex guru was sceptical as to the possibility for a dollar to yield its position as a leading world currency. Armenia continues to adhere to floating exchange rate policy, with an AMD to USD exchange rate totalling 384, 34/ 1 as of Nov 22, 2011. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Armenia considers Cyprus as one of its main partners in EU - envoy Armenia considers Cyprus one of its main partners in the European Union, Ambassador Tigran Mkrtchyan has said. Armenian, Albanian Foreign Ministers discuss ties, regional issues Armenian Foreign Minister Ararat Mirzoyan had a meeting with the Minister of Foreign Affairs of Albania Igli Hasani. POLITICO: Baku lobbying agains detained Karabakh ex-leader abroad Azerbaijan is lobbying agains former Nagorno-Karabakh leader Ruben Vardanyan, according to POLITICO. Armenia confirms will attend NATO summit in Washington Armenia has confirmed its participation in the NATO summit in Washington, a spokesperson has confirmed. |