MOSCOW, February 17 The Armenian dram along with the Swiss franc has been able to hold against the dollar over the past ten years due to powerful monetary flows, Nikolai Kuznetsov, associate professor of the Department of Finance and Credit at the Institute of Economics and Finance of the State University of Management, explained to the Prime agency.
He recalled that the dram was devalued against the dollar for a long time. Everything changed in 2022, when people and money began to move from Russia to the republic. According to the Ministry of Economy of Armenia, 108-110 thousand Russians came to the country. With their participation, more than seven thousand businesses were opened. All this added about half a billion US dollars to the economy every quarter. As a result, the Armenian dram grew by more than 22 percent against the dollar at the end of 2022.
Today the dram remains supported by external cash flows, and it was not weakened even by the Armenian-Azerbaijani conflict. In August 2023, the rating agency Standard & Poor's has upgraded Armenia's credit rating from «B+» to «BB-«. The agency expects the country's «relatively high GDP growth» to continue for several more years.