At today’s cabinet session, Armenian Prime Minister Hovik Abrahamyan stated that yesterday he met with representatives of the IMF and World Bank in Yerevan regarding the recent devaluation of the Armenian Dram and that they are fully backing the government’s measures to restore stability to the country’s financial sector.

Abrahamyan said that currency fluctuations had stabilized somewhat yesterday and that he was certain this trend would continue.

Nevertheless, he voiced concerns regarding price rises for certain comestibles as sugar and flour, and proposed that the SCPEC (State Commission for the Protection of Economic Competition) continue its monitoring of these items and report back on a daily basis.

Abrahamyan said that his government would not tolerate unjustified retail price hikes.