Residents of Yerevan rally against price growth

A protest action against depreciation of the national currency and rise in prices was held in Yerevan on Friday in front of the government, the "Caucasian Knot" correspondent reports.

The depreciation of the Armenian dram began in late October; and in November the dollar exchange rate exceeded its eight-year maximum. To strengthen the dram, the central bank began interventions in the foreign exchange market.

Residents of Armenia assert that the depreciation of the Russian rouble and Armenian dram is directly affecting their life quality.

"The rise in prices is absolutely groundless; it pursues the interests of monopolists, who have decided to rob the people to the last penny," said one of the protesters.

According to their story, the country needs legislative initiatives that could stop the rapid rise in prices of goods. Activists also pointed out that they do not trust the words of the Prime Minister about normalization of commodity prices and strengthening the national currency.

Earlier, Vahagn Khachatryan, an economist and a former Mayor of Yerevan, said that the weakening of the national currency of Armenia is directly related to the depreciation of the Russian rouble and has speculative nature.

Full text of the article is available on the Russian page of 24/7 Internet agency ‘Caucasian Knot’.