Tuesday, December 2 2014 17:53
Speculative games raise AMD/USD retail exchange rate from 447 to 460 AMD/1USD but not for long. CB issues a statement
ArmInfo. On December 2, the USD purchase and sale rate in the retail currency market jumped from 447 AMD (fixed in the morning) to 460 AMD. By 3:30 pm, however, it dropped to 445 AMD/1USD. The leap in the exchange rate was not for long and, to all appearances, it was of speculative nature, because the rate started dropping by the closing of the trading. In the meantime, Nasdaq OMX Armenia saw no currency transactions, but it is noteworthy that the demand was 439 AMD/$1, which remained unsatisfied.
As of December 2, 11 am, the USD purchase and sale rate in the retail currency market of Armenia was 442/452 AMD/$1. Afterwards the rate rose to 455/465 AMD/$1. It remained at that level for a short while and by 3 pm it dropped to 440/450 AMD/$1. The EUR purchase and sale rate fell from 553/565 (fixed in the morning) to 545/560 AMD/1 EUR by 3 pm. The RUR purchase and sale rate was fixed at 8.6/8.95 AMD/1RUR and then was replaced with 8.3/9.1 AMD/1RUR.
In relation to the Dec 2 high volatility of the exchange rate in the retail market, the Central Bank of Armenia issued a statement on Dec 2 evening. The CBA warns the speculators that it will interfere in the situation with every possible tool if needed. The attempts of speculations in the currency market bear high risks and may cause tangible losses. The CBA urges the market participants to refrain from speculative games and stresses that the exchange rate fluctuations will not last for long and the CBA's international reserves are enough to maintain the price stability. The CBA believes that there are no risks threatening the financial stability in the country. The CBA explains the current situation by the sudden exchange fluctuations in the foreign markets that form certain expectations in the domestic market.
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