Monday, July 25 2011 20:40

Central Bank of Armenia prevents undesirable exchange rate fluctuations


ArmInfo. In order to dampen the exchange rate fluctuations, the Central Bank of Armenia had to seriously interfere in the situation in the currency market on July 25. Independent experts think that the seasonal inflow of the big amount of foreign exchange to the country might result in the fall of the USD exchange rate and cause undesirable speculative games.

To note, from July 1 till July 22 the USD exchange rate in the retail currency market dropped from 370 AMD/$1 to 365-366 AMD/$1 in the average, and according to expectations, it should have kept on dropping. However, today's considerable $14.9 mln "USD buy-up" in the stock exchange, to all appearances by the CBA, stopped the exchange rate decline at 365 AMD/$1. Before that the biggest volume of currency transactions at NASDAQ OMX Armenia from July 1 till July 25 was fixed on July 19 - $7.3 mln, which, nevertheless, did not disturb the exchange rate to decline from 366.99 to 365.13 AMD/1USD.

Last week (18-22 July) the currency transactions at NASDAQ OMX Armenia amounted to $18.850 mln at the average exchange rate of 366.25 AMD/$1. The currency purchase and sale operations in the interbank market amounted to $2.050 mln (almost twofold weekly growth) at the average exchange rate of 366.78 AMD/$1.
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