Page "Economy of Armenia" Paragraph 151

In 2010, the value of the Armenian Dram ( AMD ) was artificially kept high during the height of the global economic crisis.

Had the AMD been allowed to depreciate to its market level, exports would have become more competitive and the purchasing power of the majority of the population who are dependent on remittances from abroad would have increased.

Instead, the value of the AMD was kept high, out of a fear of inflation and concern about alienating the powerful government-connected importers of oil, sugar, flour, cigarettes and beverages.