Unlike the assurances of the government and international financial institutions alleging that the policy of floating rate is justified with the purpose of supporting export and domestic production, international centers pledge that this policy has only one purpose and the Armenian government wants to take borrowing. The Bloomberg has discussed this topic too and the title of the program was the following: Armenia Devalues Dram to Clinch $540 Million IMF Loan. Stratfor, a US research center, informs that the economy of Armenia is in a very difficult situation and writes the following: “It is clear that the small reserves of foreign currency were up to finishing soon. This reality made the government to give up on the policy of currency interventions in the market for the purpose of getting financial support from outside. As a result, the national currency rapidly devaluated within one day.” In other words, the rumors saying that the government has agreed to do such thing under the pressure of the IMF, otherwise they would sell more foreign currency from the reserve funds before transforming to the policy of floating rates.
