Monday, December 1 2014 19:34

Economist: Current transfers will lose solvency despite correction in AMD exchange rate


ArmInfo. The current transfers to Armenia will lose solvency despite the correction in AMD exchange rate, economist Vilen Khachatryan said at today's press conference. He said that most of the transfers are from Russian and in terms of Russian ruble (RUR) and at the moment the depreciated RUR is coming to Armenia.

According to the Central Bank of Armenia, in Jan-Oct 2014, the non-commercials transfers to individuals in Armenia via the banking system totaled $1.8 bln (down 3.1% versus Jan-Oct 2013). The share of the transfers from Russia made up $1.2 bln (down 4.4%). At the yearend of 2013, the money transfers to individuals in Armenia amounted to $2.3 bln (up 3.1%). In 2013 the transfers from Russia totaled $1.6 bln (up 11.2%).

On Nov 24 the CB revised the AMD/USD exchange rate. As a result, USD grew by 16.6 points against AMD to 435 AMD/1 USD (the highest level since 2006). The CB's goal was to keep Armenian exports competitive and to boost employment in the country.

On 1 Dec 2014, the average AMD/USD exchange rate in the retail currency market of Armenia was 436.5 AMD/1$, AMD/EUR exchange rate - 543 AMD/1EUR, and AMD/RUR exchange rate - 8.6 AMD/1RUR.
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