ArmInfo. In February 2017 Armenian Dram depreciated to USD for 0,1% within the consumer prices dropdown for 0,9%. In comparison with February 2016 AMD appreciated in respect to American Dollar for 1,4% within the consumer prices dropdown for 0,2%%. In January- February this year the depreciation of Armenian Dram to Dollar for 0,8% was followed by the consumer market inflation at 1,7%. According to the information shared with ArmInfo at the National Statisticvs Service of the Republic of Armenia, in February 2017 the average forex rate formed 486,5 AMD /$1, versus AMD 493,64 /$1 in February 2016 and AMD 478,4/$1 - in February 2015.
To compare, in Feb 2016, Armenian dram (AMD) depreciated against USD by 1.6% amid 1.4% decline in the consumer prices. As compared to Feb 2015, AMD depreciated by 3.2% against USD amid 1.7% drop in consumer prices. In Jan-Feb 2016, AMD devaluated by 2.2% against USD amid 0.8% inflation on the consumer market. The National Statistical Service of Armenia has told ArmInfo that in Feb 2016 the average AMD/USD exchange rate was 493.6 AMD/$1 versus 478.4 AMD/$1 in Feb 2015.
For comparison, it should be noted that in Feb 2015 the consumer prices dropped by 0.2% amid 0.6% AMD devaluation against USD. As compared to Feb 2014, consumer prices grew by 5.4% amid 16.2% AMD devaluation against USD. Jan-Feb 2015 saw 2.3% inflation amid 3.2% AMD depreciation against USD.
According to the National Statistical Service, in 2015 AMD depreciated by 4.2% against USD amid 0.1% decline in consumer prices and in December 2015 alone AMD depreciated by 0.6% against USD (to 482.9 AMD/$1) amid 1.7% inflation. In 2014 AMD depreciated by 14.1% amid 4.6% inflation. In 2013, AMD revaluated by 0.1% amid 5.6% inflation. In 2012, inflation made up 3.2% amid 5.8% depreciation of AMD. In 2011, inflation made up 4.7% amid 6.2% devaluation of AMD versus 9.4% inflation in 2014 amid 5.2% revaluation of AMD against USD.
To recall, in Oct-Dec 2014 the retail forex market of Armenia saw 45% depreciation of AMD against USD (with the most tangible depreciation fixed on Dec 17 - 570 AMD/$1). In 2014, the total devaluation of AMD made up 40%. The previous sharp depreciation of AMD took place in 2009 (on 3 March 2009 - by 22%). In 2009 this happened because the CBA decided to return to the floating rate policy, whereas in 2014 the reason was the Russian ruble crash and the sharp decline in the private transfers, reduction in exports, tangible fall in imports and considerable slowdown in economic development.
To note, by March 6, 2017, on the retail forex market of Armenia, AMD depreciated against USD to an average of 487 AMD/$1 versus 484 AMD/$1 as of Dec 31, 2016 and 492 AMD/$1 as of March 5, 2016.