Armenian population is crumbing grocery shelves- prices increased by 40-60% within a day

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Shock in Armenia, occurred due to reversal of currency policy by Armenian Central Bank, which provoked sharp growth of dollar exchange rate, lead to jump in prices on petroleum and essential commodities. The population throw themselves to buy up provisions.

As reports a REGNUM correspondent, there is no sugar in many shops, flour is nearly exhausted. According to the sellers, the price of sugar increased more than by 50%. The price of vegetable oil also increased approximately by 45%. The same is with petroleum.  

There was also information, that Armenian customs terminals ceased their activities. However, this information had been denied by the press office of State Income Committee of Armenia. According to them, the number of economic agents are rejecting to go through the procedure of custom clearance of cargoes, because have difficulties to forecast the exchange rate. At the same time, they in Committee have not specified, according to what exchange rate they are going to perform custom clearing for the commodities imported to Armenia before March, 3, 2009.

It is worth mentioning, on March, 3, the Central Bank of Armenia came to decision to turn to floating exchange rate of dram (Armenian national currency). Therefore, dram will be devaluated by 18-24%.