Monday, December 22 2014 17:03
Armenia's Central Bank sold banks $1mln out of offered $2mln on Dec 22
ArmInfo. Armenia's Central Bank sold banks $1mln out of offered $2mln on Monday, Dec 22.
The press service of the CB reports that the average AMD/USD exchange rate on the interbank forex market was 451.89 AMD/1 USD. On NASDAQ OMX Armenia the selling rate was 458.89 AMD/1 USD, the buying rate 449.90 AMD/1 USD with no transactions were carried out.
Since starting its daily intervention – from Dec 8 till Dec 22 – the CB has sold on the interbank forex market a total of $44.7mln: $6mln a day Dec 8-12, $4mln a day Dec 15-17, $1.7mln Dec 20 and $1mln on Dec 22. During this period the average rate first rose from 456.63 AMD до 570.58 AMD per 1 USD, then dropped fro 446.76 AMD/1 USD and rose again to 451.89 AMD/1 USD
From Oct till Dec 17 AMD dropped against USD by 45%, Dec 18-20 it grew by 25%. On Monday it was 460 AMD against 1 USD, 560 AMD against 1 EUR, 8.25 AMD against RUR. On Dec 20 the rates were 455 AMD, 555 AMD and 7.8 AMD, respectively. On Dec 17 570 AMD, 712 AMD and 8.6 AMD, respectively.
According to the CBA's statement dated 8 December 2014, on 8 December, the Central Bank of Armenia launched daily interventions to restore the balance in the exchange market and the soften currency fluctuations. The interventions will last till the end of 2014. The CBA 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. In particular, during the first week (8- 12 December) the daily interventions will be $6 mln. Afterwards, the daily interventions will gradually be reduced depending on demand and will be brought to zero by the end of the year.
On Dec 22 (at 4:30 pm) AMD/USD buying/selling rates made up 4560/463 AMD/1 USD, AMD/EUR rates 545/575 AMD/1 EUR, AMD/RUR rates 7.85/8.65 AMD/1 RUR. At NASDAQ OMX Armenia, from June through December 19, foreign exchange operations amounted to $397.150 million drams with the exchange rate growing from 407.14 to 560 AMD/1 USD and then dropping to 442.44 AMD/1USD. The transactions in November alone totaled nearly $117 million drams. On 1-5 Dec, interbank market of foreign exchange operations registered a record-breaking indicator - $59.3 million.
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