Wednesday, December 24 2014 17:35

On Dec 24 banks bought on interbank forex market almost as much USD as they bought at NASDAQ OMX Armenia


ArmInfo. On Dec 24, Armenia's Central Bank sold banks $2mln, i.e. the total amount offered. The press service of the CB reports that the average AMD/USD exchange rate on the interbank forex market was 459.66 AMD/1 USD. At NASDAQ OMX Armenia the banks' transactions amounted to $1.7mln at the average exchange rate of 458 AMD/1USD.

Since the launch of its daily interventions - from Dec 8 through Dec 24 - the CB has sold on the interbank forex market a total of $48.7mln: $6mln a day Dec 8-12, $4mln a day Dec 15-17, $1.7mln Dec 20, $1mln Dec 22 and $2mln Dec 23-24. During this period the average rate first rose from 456.63 AMD to 570.58 AMD per 1 USD, then dropped to 446.76 AMD/1 USD on Dec 20 and rose again to 460.97 AMD/1 USD on Dec 23. The cut-off price rose from 455 to 567.65 AMD/$1, then dropped to 445 AMD/$1 on Dec 20, but on Dec 23 it rose to 459.58 AMD/$1.

From Oct through Dec 17 AMD dropped against USD by 45%, Dec 18-20 it grew by 25%. On Dec 22 it started dropping again. On Dec 24, at 5:00 pm, the rate was 461 AMD against 1 USD, 559 AMD against 1 EUR, 8.65 AMD against RUR. On Dec 20 the rates were 455 AMD, 555 AMD and 7.8 AMD, respectively, versus 570 AMD, 712 AMD and 8.6 AMD, respectively, on Dec 17.

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 were $6 mln. Afterwards, the daily interventions were gradually reduced to 4 mln USD and then 2 mln USD and they will be brought to zero by the end of the year. Along with this, on Dec 17, the CB toughened the forex reserve ratio from 12% to 24%, and the banks place the "reserve" funds at the CB entirely in terms of Armenian dram.

On Dec 24 (at 5:00 pm) AMD/USD buying/selling rates on the interbank forex market made up 456/466 AMD/1 USD, AMD/EUR rates - 549/569 AMD/1 EUR, AMD/RUR rates - 8.3/9 AMD/1 RUR. At NASDAQ OMX Armenia, from June through December 24, foreign exchange operations amounted to $405.1 million drams with the exchange rate growing from 407.14 to 560 AMD/1 USD, then dropping to 442.44 AMD/1USD on Dec 20 and rising to 458 AMD/1USD on Dec 24. 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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