Monday, September 26 2016 12:23
Svetlana Hovsepyan

Dram keeps appreciating

Dram keeps appreciating

ArmInfo. On September  19-24, the amount of transactions on the interbank forex market of  Armenia grew twofold. At the same time, on the intrabank market the  operations in terms of US dollar continued their upward dynamics and  the Armenian dram (AMD) kept appreciating. Thus, AMD appreciated  against USD and EUR to 473.5 AMD/$1 and 531 AMD/1EUR, respectively,  and depreciated against Russian ruble (RUR) to 7.4 AMD/1RUR. 

Since the beginning of the year the foreign exchange market showed  signs of life rarely making one at a time transaction between March  and May:  $100 thousand in March, $2.950 mln in April and $800  thousand in May, after which it was passive. In H1, Central Bank  bought USD on the foreign exchange market in June ($50.2 mln) and  April ($2.4 mln) and sold in January and February ($53.1 mln and  $41.5mln, respectively).  As a result, in Jan-Aug 2016, AMD  appreciated against USD from 482 to 475 AMD/$1, depreciating against  EUR from 529 to 530 AMD/1EUR, and against RUR from 6.9 to 7.3  AMD/1RUR. During the first ten days of September, AMD retained its  positions against USD and then started to appreciate. 

The press office of the Armenian Central Bank has told ArmInfo that  on September 19-24 the interbank forex market experienced growth in  daily transactions, with the biggest amount registered on Saturday -  $4.4 mln and the smallest one fixed on Friday - $500 thsd. On  September 19-24, the total amount of operations on the interbank  forex market grew twofold to $8.7 mln (versus $4.5 mln a week before,  with a 23% decline), and the average exchange rate was 473.89 AMD/$1  (versus 474.35 a week before).On the intrabank market, the USD  purchase rose by 13.3% (versus 11.4% increase a week before), the EUR  purchase grew by 1% (versus 28.8% rise a week before). At the same  time, the USD sales increased by 6.8% (versus 6.3% decline a week  before) and EUR sales dropped by 10.7% (versus 16% growth a week  before). The RUR purchase declined by 14.5% (versus 45.5% growth a  week before), while the RUR sales fell by 29% (versus 19.5% rise a  week before). As a result, $84.8 mln was purchased at the average  exchange rate of 472.77 AMD/$1; 7.8 mln EUR was bought at 527.54  AMD/1EUR; and 1.3 bln RUR was bought at 7.31 AMD/1RUR. At the same  time, $78.6 mln was sold at 474.20 AMD/$1, 12.5 mln EUR was sold at  532.22 AMD/1EUR and 400.7 mln RUR was sold at 7.41 AMD/1RUR.

According to the source, during the previous week (September  12-September 17), the Armenian banks provided AMD loans worth 30.6  bln AMD and USD loans worth $43.3 mln.  As compared with the previous  week, the amount of USD loans grew by 17.7%, while the amount of AMD  loans fell by 27%. 

To recall, in 2015, on the retail foreign exchange market of Armenia  AMD weakened against USD from 477 to 482 AMD/$1 on average and  strengthened against EUR from 571.5 to 529 AMD/1EUR and against  Russian ruble from 8.2 to 6.9 AMD/1 RUR.  Between December 14 and 28,  the Central Bank made almost daily interventions.  AMD depreciated  amid decline of foreign trade turnover (by 20.6%), while import  dropped more significantly (by 26.5%) than export (by 3.9%) as well  as the decline in transfer inflow to Armenia more than by 30%, and  this happened in conditions of low buying capacity of the population  and low economic activity in the country.  Since early 2016, AMD  started depreciating again on the retail foreign exchange market of  Armenia to 496AMD/$1, however since March it strengthened and stood  at 482 AMD/1USD by March 25. In overall in H1 2016 AMD appreciated to  477 AMD/$1 from 482 AMD/$1, devaluating in mid Feb (to 496 AMD/$1  from 479AMD/$1 on Feb 12), in the first decade of April (to  484.5AMD/$1 from 479 AMD/$1), in mid May (to 480.5 AMD/$1 from 479  AMD/$1-on May 12), in the early and late June (to 479 AMD/$1 from 478  on June 3 and to 477 AMD/$1 from 476 AMD/$1 on June 30). In July AMD  appreciated to 476 AMD/$1 only in the beginning of the third decade,  after which it stood at the initial level of 477 AMD/$1.  In August,  AMD demonstrated revaluation -475 AMD/$1 by August 31 and stood at  this level in the first ten days of September, after which it further  revaluated. Thus, by September 24 AMD appreciated against USD and EUR  to 473.5 AMD/$1 and 531 AMD/1EUR, respectively, and depreciated  against RUR to 7.4 AMD/1RUR.


News
Iranian entrepreneurs are interested in opening joint ventures with  Armenia in a number of areasIranian entrepreneurs are interested in opening joint ventures with  Armenia in a number of areas
Major Armenian-Russian business forum to be held in YerevanMajor Armenian-Russian business forum to be held in Yerevan
Gyumri Shirak Airport is ready to serve European budget flightsGyumri Shirak Airport is ready to serve European budget flights
Mher Grigoryan reports on certain difficulties in negotiations with  GazpromMher Grigoryan reports on certain difficulties in negotiations with  Gazprom
Standing Parliamentary Committee on Financial-Credit and Budgetary  Affairs approved Artak Manukyan`s candidacy for the position of  member of the Central Bank CouncilStanding Parliamentary Committee on Financial-Credit and Budgetary  Affairs approved Artak Manukyan`s candidacy for the position of  member of the Central Bank Council
Mher Grigoryan: In terms of the opening of railways, solutions began  to be consideredMher Grigoryan: In terms of the opening of railways, solutions began  to be considered
GeoProMining  announces  completion of the second stage of Agarak CMC  modernization project GeoProMining  announces  completion of the second stage of Agarak CMC  modernization project 
IMF sharply improved its forecast for GDP growth in Armenia for 2021 to 6.5%, but warns: IMF sharply improved its forecast for GDP growth in Armenia for 2021 to 6.5%, but warns: "Downside risks remain elevated" 
Economy Minister considers Central Bank`s updated economic forecasts  as pessimisticEconomy Minister considers Central Bank`s updated economic forecasts  as pessimistic
Armenian government to allocate about 357.5 million drams to complete  15 subvention programsArmenian government to allocate about 357.5 million drams to complete  15 subvention programs
Economy Minister on the situation with Iranian trucks: We have a  Economy Minister on the situation with Iranian trucks: We have a  "Plan B"
 Armenian accountants and auditors can grow professionally with help  of British Association of Chartered Certified Accountants Armenian accountants and auditors can grow professionally with help  of British Association of Chartered Certified Accountants
Armenian government approves the ratification of the Agreement of the  CIS countries in the fight against IT crimesArmenian government approves the ratification of the Agreement of the  CIS countries in the fight against IT crimes
Armenia and Singapore exclude double taxationArmenia and Singapore exclude double taxation
Government of Armenia ratified the agreement between the governments  of the Republic of Armenia and the Republic of Malta on the avoidance  of double taxationGovernment of Armenia ratified the agreement between the governments  of the Republic of Armenia and the Republic of Malta on the avoidance  of double taxation
The leadership of SRC of Armenia at a meeting with the head of the  FCS of the Russian Federation noted the special importance of  enhancing contactsThe leadership of SRC of Armenia at a meeting with the head of the  FCS of the Russian Federation noted the special importance of  enhancing contacts
American company Wabtec shows interest in the Armenian market American company Wabtec shows interest in the Armenian market 
Deputy Prime Minister on a possible increase in gas prices: Gazprom  insists that the amount of profit stipulated in the 2013 agreement  does not satisfy themDeputy Prime Minister on a possible increase in gas prices: Gazprom  insists that the amount of profit stipulated in the 2013 agreement  does not satisfy them
Drip irrigation. 5 questions and answers with Converse BankDrip irrigation. 5 questions and answers with Converse Bank
World Bank`s updated Groundswell report warns: Climate change could  force 216 million people to migrate within their own countries by  2050World Bank`s updated Groundswell report warns: Climate change could  force 216 million people to migrate within their own countries by  2050
Expert: The unprecedented rise in gas prices in Europe and EAEU  membership open new opportunities for ArmeniaExpert: The unprecedented rise in gas prices in Europe and EAEU  membership open new opportunities for Armenia
Central Bank of Armenia: In Jan-July 2021, the net inflow of  transfers from individuals increased by 78.5% per annumCentral Bank of Armenia: In Jan-July 2021, the net inflow of  transfers from individuals increased by 78.5% per annum
Efforts are underway to enhance seismic safety at Armenian NPPEfforts are underway to enhance seismic safety at Armenian NPP
EEC Forecast: In 2022, the negative foreign trade balance in the EAEU  will be reduced from $ 5.8 billion to $ 2.5 billion EEC Forecast: In 2022, the negative foreign trade balance in the EAEU  will be reduced from $ 5.8 billion to $ 2.5 billion 
Central Bank of Armenia: Consistent tightening of monetary conditions  has a sufficient impact on the regulation of progressive consumer  demand and on curbing of  inflationCentral Bank of Armenia: Consistent tightening of monetary conditions  has a sufficient impact on the regulation of progressive consumer  demand and on curbing of  inflation
Central Bank upgrades Armenia`s economic growth forecast for 2021 to  5.6%Central Bank upgrades Armenia`s economic growth forecast for 2021 to  5.6%
Central Bank Governor: Inflation in Armenia is more supply-drivenCentral Bank Governor: Inflation in Armenia is more supply-driven
Central Bank: Transfers from USA to Armenia are growing rapidlyCentral Bank: Transfers from USA to Armenia are growing rapidly
Armenia and Ukraine launched the improvement of trade and economic  relationsArmenia and Ukraine launched the improvement of trade and economic  relations
Official and real y-o-y inflation continues to accelerate in ArmeniaOfficial and real y-o-y inflation continues to accelerate in Armenia
Central Bank of Armenia once again raised the refinancing rate - from  7% to 7.25%Central Bank of Armenia once again raised the refinancing rate - from  7% to 7.25%
About 2 billion drams to be allocated for the installation of  photovoltaic stations in seven regions of ArmeniaAbout 2 billion drams to be allocated for the installation of  photovoltaic stations in seven regions of Armenia
"Veolia Djur" proposes to increase water tariff by 43.7 drams
Mher Grigoryan: Trade and economic relations between Armenia and  Ukraine have great potential for developmentMher Grigoryan: Trade and economic relations between Armenia and  Ukraine have great potential for development
"Become a shareholder": ACBA Bank issued its first 500.000 shares  with a total volume of 7.5 billion drams
IDBank as a sponsor of the charity concert IDBank as a sponsor of the charity concert "Armenian Rock for Children with Cancer"
As of September 10, 2021, tax collection exceeded indicators of  pre-crisis 2019 by 4.9% in ArmeniaAs of September 10, 2021, tax collection exceeded indicators of  pre-crisis 2019 by 4.9% in Armenia
The collector coin dedicated to the 30th anniversary of the Republic  of Armenia has been issued by Central BankThe collector coin dedicated to the 30th anniversary of the Republic  of Armenia has been issued by Central Bank
Minister of Finance of Armenia and Ambassador of India discussed  possible directions for development of cooperationMinister of Finance of Armenia and Ambassador of India discussed  possible directions for development of cooperation
 Construction of Construction of "Friendship Bridge" on Armenian-Georgian border is in  full swing
Armenia reduced exports of molybdenum, zinc and copper concentratesArmenia reduced exports of molybdenum, zinc and copper concentrates
Armenia increased export of all alcoholic beverages produced in  countryArmenia increased export of all alcoholic beverages produced in  country
Armenia significantly increased volume of exports and imports of  fruit and berry cropsArmenia significantly increased volume of exports and imports of  fruit and berry crops
Armenia in H1 2021 increased grape exports by 66.7% Armenia in H1 2021 increased grape exports by 66.7% 
Regular meeting of Armenian-German intergovernmental commission took  place in BerlinRegular meeting of Armenian-German intergovernmental commission took  place in Berlin
Exclusive opportunity for VISA Signature cardholders of Converse BankExclusive opportunity for VISA Signature cardholders of Converse Bank
Armenia significantly reduced sugar importsArmenia significantly reduced sugar imports
Imports of oil products to Armenia grew by 3.7% in the first half of  2021Imports of oil products to Armenia grew by 3.7% in the first half of  2021
Armenia continues to reduce imports and exports of passenger carsArmenia continues to reduce imports and exports of passenger cars
Expert: Institutional solutions are needed in the development of  public-private dialogue (PPD)Expert: Institutional solutions are needed in the development of  public-private dialogue (PPD)
Diamond exports from Armenia have increased several-foldDiamond exports from Armenia have increased several-fold
Online processes will replace paperwork and the need to visit customsOnline processes will replace paperwork and the need to visit customs
About 100 thousand residents of 5 regions of Armenia will receive  round-the-clock water supplyAbout 100 thousand residents of 5 regions of Armenia will receive  round-the-clock water supply
Public-private dialogue is not going well in ArmeniaPublic-private dialogue is not going well in Armenia
YOY inflation in Armenia reaches 8.8% in August 2021YOY inflation in Armenia reaches 8.8% in August 2021
Armenia cuts gold exports, increasing importsArmenia cuts gold exports, increasing imports
Exports grow faster than imports in Armenia`s foreign trade with the  EU countries- 41% versus 11%Exports grow faster than imports in Armenia`s foreign trade with the  EU countries- 41% versus 11%
Armenia`s foreign trade turnover with EAEU countries reaches  double-digit growthArmenia`s foreign trade turnover with EAEU countries reaches  double-digit growth
As of the end of August, 488 thousand tourists visited ArmeniaAs of the end of August, 488 thousand tourists visited Armenia
Armenia slightly reduced the export of aluminum foil in H1, 2021Armenia slightly reduced the export of aluminum foil in H1, 2021
Read more


Exchange rates
17.09.2021
RUB6.68-0.04
USD484.93-1.44
EUR571.39-1.07
GBP668.43-3.64
CAD383.25-1.51
JPY44.10-0.35
CNY75.15-0.46
CHF523.12-3.31