Armenian analyst against dollarisation

Armenian economic analyst Tatul Manaserian has become seriously concerned about the problems with the US economy. That situation according to him could seriously damage Armenia's economic conditions when the so-called dollarisation of the country is at almost 70%. Besides, Armenia is mainly an importing country as it imports almost USD 3 bln whereas export is only one billion. The foreign debt in Armenia is calculated in dollars and it is about USD 4.7 bln. Their Russian loan is also in USD – 500 mln. Armenia has received private transfers during the last year around USD 2.7 bln while Armenia’s central bank keeps its reserves in dollars as well. So if there are problems with the US Dollar, Armenia could face serious problems as well according to Manaserian.