Armenia offers Russia to use dram for trading

Armenia offers Russia to use dram for trading

Armenia's Ministry of Economy and the Central Bank are negotiating with Russian partners to use the Armenian currency - dram - in operations of export of Armenian goods, Armenian Economy Minister Vahan Kerobyan told lawmakers in the parliament on Wednesday.

"Today, most exporters see great risks in exports using in Russian rubles. The Central Bank of Armenia, together with the Central Bank of Russia and our partner ministries, are discussing the possibility of marking Armenian products in drams. I think we will have some results next week," he noted.

Earlier, Central Bank Governor Martin Galstyan warned that anti-Russian sanctions would have a serious impact on Armenia’s economy. Armenia's Central Bank has revised downward its 2022 GDP growth forecast from 5.3% to 1.6%.

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