Monday, December 8 2014 14:36
Armenia's Central Bank launches daily interventions to restore balance in exchange market
ArmInfo. Starting 8 December, the Central Banks of Armenia is launching daily interventions to restore the balance in the exchange market and soften currency fluctuations, the Central Bank's (CB) press-service told ArmInfo. The CB will continue announcing the ceiling of daily sale amounts till the end of the year to normalize the situation in the exchange market of Armenia.
According to the source, the CB will be publishing foreign exchange operations to ensure transparency in the financial market of Armenia. The daily intervention amounts will be reduced gradually until the national currency exchange rate is balanced. The goal is to reduce the CB's influence on formation of the national currency exchange rate.
In the retail market of Armenia, the AMD/USD exchange rate has exceeded 454 AMD/1USD with a12% devaluation for the last 2.5 months. As of 2:00pm on December 8, the exchange rates at swap bodies were as follows: 450/458 AMD/1 USD, 554/574 AMD/1 EUR, 8.4/9 AMD/1 RUR. The optimal rates at the banks of Armenia were as follows: USD was purchased for 450 AMD (ceiling), EUR - 556 AMD, RUR - 8 AMD. The lowest rates of sale were as follows: 453 AMD/1 USD, 567 AMD/1 EUR, 9.55 AMD/1 RUR.
At NASDAQ OMX Armenia, from June up to 5 December, foreign exchange operations amounted to $396.5 million drams with the exchange rating growing from 407.14 - 438.63 AMD/1 USD. The transactions in November alone totaled nearly $117 million drams. Last week (1-5 Dec), interbank market of foreign exchange operations recoded a record-breaking indicator - $59.3 million, which resulted in 442.42AMD/1 USD exchanger rate. In this light, the stock exchange started the week with transactions in the amount of $3.5 million (1 Dec) with no deals for the following 4 days.
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