Tuesday, December 13 2016 11:45

ArmInfo. In Jan-Nov 2016 Armenian dram (AMD) revaluation against US dollar (USD) made up 0.9% (0.7% devaluation in November alone and 0.3% year-over-year revaluation). The National Statistics Service of Armenia has told ArmInfo that in November 2016 the average exchange rate was 478.5 AMD/$1 versus 480.1 AMD/$1 in November 2015, 420.50 AMD/$1 in Nov 2014 and 405 AMD/$1 in Nov 2013.

The source says that in November 2016 the consumer market of Armenia saw 1% inflation, in Jan-Nov 2016 - 2.2% deflation, and 1.4% year-over-year deflation.

As compared to Nov 2008 and Nov 2009, AMD depreciated against USD 57% and 24%, respectively, because AMD revaluated twice during that period: 22% on Mar 3 2009 and 45% in Oct-Dec 2014. In 2009, it happened as the Central Bank returned to the floating exchange rate policy, while in 2014 it was a result of external factors: depreciation of the Russian ruble, shrinking private money transfers, export, import, and slackening of economic growth.

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. By 13 Dec 2016, on the retail forex market of Armenia AMD depreciated against USD and RUR to 485 AMD/$1 and 8 AMD/1RUR, respectively, at the same time appreciating against EUR to 515 AMD/1EUR.

According to the National Statistical Service of Armenia, AMD depreciation against USD totaled 4.2% in 2015 amid drop of consumer prices only by 0.1%. In December alone AMD depreciated against USD by 0.6% (to 482.9 AMD/$1) amid 1.7% inflation. In 2014, AMD devaluation by 14.1% (in December alone - by 10% amid 3% inflation) was accompanied by 4.6% inflation. In 2013, AMD revaluated 0.1% to USD amid 5.6% inflation. In 2012, amid 3.2% inflation devaluation of AMD against USD was registered at 5.8%. In 2011 inflation totaled 4.7% and AMD depreciated by 6.2% versus 9.4% inflation in 2010 and AMD revaluation by 5.2%.