Media: Armenian dram will devalue by year end

Within the framework of the agreement reached between the Central Bank and the Government of Armenia, by the end of the year the rate of dram against the US dollar will continue to decline and may cross the psychological line of 500 drams, Report informs citing Armenian newspaper "Zhamanak".

"This will be done as part of the export promotion program, although it is clear that the depreciation of dram will lead to higher prices and lower real incomes of the population. However, the government can take advantage of inflation - by increasing revenues.

Prime Minister Nikol Pashinyan recently stated that the budget revenues this year may fulfilled by 40 billion drams and, apparently, such an impressive result will be provided by rising prices,” the newspaper writes.