WHAT IS COMMON BETWEEN ARMENIAN DRAMS AND ARTHUR ABRAHAM?

The opposition accuses the government of replacing the gold reserve of Armenia by a foreign currency which generated less income than if the gold had been kept in Armenia. The ex-president of the Central Bank retorts that nobody knew the gold would go expensive, whereas the British pound was the most profitable investment at that time. However, it is not so. The investment that generates the greatest legal income in the world is the purchase of Armenian drams. Over the past few years its value has doubled compared with not only some but almost all the currencies of the world. The English pound, the euro, all kinds of dollars, the Russian ruble, the Chine yuan, the Japanese yen, the Mongolian tugrik and all the other currencies of the world have got twice as thin. So, if the Central Bank of Armenia had sold all its gold and foreign currency in time and bought Armenian drams, it would generate much more income than it had got. And it is a surprise that the Central Bank did not do that. After all, in 2003-2004 its president persuaded reporters to exchange their savings in foreign currency with drams. I confess at that time I did not take his advice since I was skeptical about the potential and will power of the Armenian dram, for which I regret now. But I have an excuse. After all, since its birth our currency became 35 times weaker than the dollar, and it seemed to have its jaw broken, if not knocked out. But as Arthur Abrahamyan was able to overcome that difficult situation and defeat Miranda, the Armenian dram was reborn and scored the US dollar and all the other currencies of the world. However, if the entire world is aware of the will power and effectiveness of Arthur Abraham, the humanity is unaware of the same qualities of the Armenian dram. It’s a pity because if it had known, they would have converted all their wealth into drams. Can you imagine what would have happened if the citizens of the United States had converted their dollars into drams in 2003? They would be twice as rich now, and the country would not face a financial crisis. But it is not late. The Armenian dram has a revenge to take. Its second battle on the currencies of the world will be more effective and will end in a knockout. And the Turkish lira will appear in the state of King Lear. Last week our minister of finance actually confirmed that, reassuring the reporters that the dram will continue to revaluate to keep inflation low. If we inform the citizens of other countries about that, they will no longer keep their savings in a wrong way. And all our government will have to do is to buy a lot of paper and to set up factories to produce drams. These factories will be located in different regions of the world, providing the local population with jobs, and the banks will be located in Dilijan to turn that picturesque city into a financial center. GRIGOR EMIN-TERYAN

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The opposition accuses the government of replacing the gold reserve of Armenia by a foreign currency which generated less income than if the gold had been kept in Armenia. The ex-president of the Central ...