Exchange rate of Armenian dram ranging within CBA-predicted boundaries
Exchange rate of Armenian dram ranging within CBA-predicted boundariesARKA, 06.07.2009
On Friday, CBA Deputy Chairman Vache Gabrielyan, answering the question ARKA News Agency put to him, said that Armenian national currency was fluctuating within the range predicted by the Central Bank of Armenia.
On Wednesday, Armenian dram went out of the CBA-set AMD 360-380 range to AMD 359.98 per dollar.
Gabrielyan said that the Central Bank’s forecast was indicative and based on macroeconomic indicators, which contain no season fluctuation.
As a whole, indicators reflect things on market.
“The slight fluctuation was triggered by foreign currency flow into Armenia as well as season factors, particularly the peak of revaluation, so usual for July and August”, Gabrielyan said.
On March 3, 2009, CBA Chairman Arthur Javadyan announced the bank’s decision to restrict its intervention on foreign exchange market and let exchange rates float freely.
As a result, Armenian dram plunged 66.36 percentage points against U.S. dollar on March 3, compared with March 2, to AMD 372.11 per dollar.
After that, the dram was ranged between AMD 360 and 380, just as the Central Bank forecasted. M.V.-0---
