Wednesday, December 17 2014 19:13
Artur Javadyan: Armenia's Central Bank is not planning prescheduled revision of its refinancing rate
ArmInfo. Armenia's Central Bank is not planning prescheduled revision of its refinancing rate, the CB's Chairman Artur Javadyan told journalists on Wednesday.
He said that this problem will be considered on Dec 24.
He said that given AMD's current instability, the CB prefers not to revise the rate. On Nov 24 and Dec 3 the CB raised the Lombard repo rates from 8.25% to 10.25% and from 10.25% to 21%, respectively.
On Nov 11 the CB kept the rate of refinancing unchanged at 6.75%. The last time it changed the rate was Aug 12 when it was reduced from 7% to 6.75%. In 2014 the rate was changed four times.
On Dec 17, the Central Bank of Armenia (CBA) sold a total of $4 mln to the participating banks at the average exchange rate of 570.58 AMD/$1 in the course of daily interventions in the interbank currency market, with the cut-off price being 567.65 AMD/$1.
Since the launch of the daily interventions, i.e. from Dec 8 through Dec 17, the CBA sold USD 42mln to the participating banks - USD 6mln daily on Dec 8-12 and USD 4mln on Dec 15-17. The CBA press service has told ArmInfo that over this period the average exchange rate rose from 456.63 to 570.58 AMD/$1 and the cut-off price grew from 455 to 567.65 AMD/1 USD.
On Dec 17, before 2 pm, the average AMD/USD exchange rate in the retail currency market was 550 AMD/$1, AMD/EUR exchange rate - 715 AMD/1EUR, with the former rising to 570 AMD/$1 and the latter dropping to 712 AMD/1EUR, respectively, by 5 pm. In the meantime, the average AMD/RUR exchange rate rose from 8.5 to 8.6 AMD/1RUR.
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