Huge inflation caused panic in Armenia

16 DECEMBER 2014
Written by Karen Tovmasyan
Hourly inflating dram (Armenian currency) caused panic situation in Yerevan. In the morning on 16th of December a number of shops have ceased trading. Many simply refused to selected products, preferring to return them when noticed the increasing prices during the shoping. In addition to the price hike was introduced and restrictions on the sale of a number of essential commodities. For example, shops were refusing to sell more then 10 kilograms of sugar to the same person.
The same situation was in technical markets.  Store employees or refused to sell, or constantly were changing the prices.
 
People were coming out of the stores with a half-empty packages, perplexed and could hardly believe what was happening. Sharp inflation, they say, makes inaccessible even basic necessities.
In the banks the situation was even worse, they continued to sell dollars and euros in limited quantities. In exchange offices was very difficult to buy the currency. In Exchange, the notifications were showing "no dollars." At the end of the day 1 dollar cost was 550 and Euro 690 while exectly one month before on 16.11.2014 1 dollar costed 415,5 and euro 517,9 drams oficially the currency inflation is 18.6 % for dollar and 18 % for euro, but the market inflation is 32,5 and 33,2%.