BLACK ECONOMY MAY LEAD TO ECONOMIC REDISTRIBUTION
The Union of Producers and Entrepreneurs of Armenia invited November 1 the president of the Central Bank, the minister of trade and economic development, and the economic adviser to president to the ring. The “fight” was on the dollar-dram exchange rate. The Union of Producers and Entrepreneurs of Armenia made an attempt to explain to the president of the Central Bank Tigran Sargsyan that the unpredictable revaluation of the dram can stifle industry in Armenia because it is becoming less competitive. Meanwhile, Tigran Sargsyan was trying to persuade the businessmen and economists that even a policy of a fixed exchange rate of the dollar would not solve the problem of competition, because in that case prices would soar, which would affect the volume of consumption. Tigran Sargsyan said the exchange rate of the dollar is an inevitable consequence of the economic growth, and such countries like Japan, Songapore and China have encountered this problem.
The president of the Central Bank advised the businessmen to focus on technology and modernization, corporative management, involve additional capital through shares and stop working in the shade to become competitive rather than seek excuses in the exchange rate of the dollar. The president of the Central Bank even announced that there is not a group of businessmen in Armenia, who could help the government battle black economy.
Answering Tigran Sargsyan, the president of the Union of Producers and Entrepreneurs Arsen Ghazaryan first said that the Armenian businessmen are intelligent enough to understand the necessity of modernizing production. This is what they have been doing over the past three or four years, stated Arsen Ghazaryan. However, the fluctuations of the exchange rate of the dollar in Armenia does not allow for considering competition. We sign a deal abroad, and before we get to Armenia, the exchange rate changes, says Arsen Ghazaryan. He says they can understand that the revaluation fo the dram is inevitable and they can understand the objective reasons, the problem is that this process is unsteady and abrupt, which complicates decision making, because there is no way to predict the situation.
Besides, Arsen Ghazaryan announced that there are a number of Armenian businessmen, who are against the black economy, and make efforts to battle it, yet there are others who get immense profit, and operate in the shade, and do not suffer losses from this exchange rate or whatever juggling, whereas the ones who work legally suffer.
Arsen Ghazaryan also announced that the same businessmen operating in the shade prevent corporative management and the policy of involvement of additional assets. There is so much black capital that they can change the economy in a day buying one company or another created for years.
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