Minister of Economy Vahan Kerobyan has weighed in on the consequences of the revaluation of the Armenian dram for the country's economy, remembering that he "lived and worked in business in 2004-2008, when the industry was destroyed as a result of the dram's revaluation," CivilNet reports.

"We saw how much producers and exporters suffered," he said.

According to him, as minister responsible for the economy, he cannot tolerate the recurrence of such a situation.

"At that time, I was the director of a supermarket chain, and locally produced goods were being removed from the shelves before my eyes, and being replaced by Russian, Ukrainian and Turkish goods. Of course, as Minister of Economy, I can not tolerate its repetition. Especially since our government has adopted an industrial development policy," Kerobyan said.

On June 29, the dram settled at 408 against the U.S. dollar and 432 against the euro.