On October 16 in parliament on the initiative of the NA Standing Committee on Financial-Credit, 
Budgetary and Economic Affairs with participation of MPs, representatives of Central Bank, state institutions, NGOs, economists and economic entities a discussion was organized on the theme “The Evaluation of the Dram and the Economic Situation in Armenia.” Opening the parliamentary hearings, Committee Chairman Mr. Gagik Minasyan presented that it is already the third hearing on this theme, taking place in parliament with different formats. 
Mr. Tigran Sargsyan, Chairman of the Central Bank, as main speaker, talked about the influence of three-year evaluation of the national currency. The dram has been appreciated by 37%.
Mr. Karen Chshmarityan, Minister of Trade and Economic Development, 
introduced the appreciation of the dram under the light of economic developments of the last five years. The Minister believes that in case of effective management the economic entity won’t have losses from dram appreciaation.
Mr. Suren Karayan, Deputy Minister of 
Finance and Economy, proposed those present to look at the appreciation of the dram from the view of the solution of social issues, Poverty Reduction Strategy, which is of priority for the Government. In this case the stability of inflation becomes clear as behaviour to affirm the goal and pursue floating policy of exchange of rate.
Mr. Ashot Shahnazaryan, Chairman of the Commission for the Protection 
of Economic Competition, sees great volumes of shadow economy in the basis of existing negative developments.
During the question-and-answer session the MPs and guests raised different questions concerning the public.
Head of National Unity Mr. Artashes Geghamyan believes that deficit 
of money base and dram appreciation is artificially created, and it is free of material basis. The importers receive superprofit of 10-12%, and state budget does not pay from that sum, said he. The MP Mr. Tatul Manaseryan expressed concern that the dollar outflow exceeds the inflow and is 15bn. Independent analyst Eduard Aghajanov believes that the decrease of the shares of industry and export in GDP is a dangerous phenomenon. As to Mr. Vazgen Safaryan, Chairman of Goods Producers’ Union, the tax policy should be directed to the growth of export volumes. The MP Mr. Hovhannes Margaryan drew the specialists’ attention to the necessity of reducing the volumes of shadow economy, also the existing losses in the case of annual transfers reaching 1bn dollars.
In his final speech the CB Chairman noticed that during the hearings it was succeeded to diagnose the main key problems. Those are – the shadow big circulation and the competitive unequal field. In response to the views sounded about the artificial nature of the rate of exchange, the CB Chairman announced that the rate of exchange determined by them fully corresponds the rate of exchange formed
in the market: the CB simply fixes the rate of exchange, with which the banks execute sale and purchase. He called on those present to touch upon the raised questions during the specialized discussions organized regularly in the bank. Summing up the hearings Mr. Gagik Minasyan noted that we should try to go forward with little steps, displaying consistency in participating at the discussions.
