ArmInfo. The Central Bank of Armenia does not set as its direct task the management of the exchange rate of the national currency.
On December 1, at a meeting of the parliamentary commission on financial-credit and budgetary issues, the candidate for membership in the Council of the Central Bank of the Republic of Armenia David Nagapetyan stated this, answering a question about the reasons for fluctuations in the currency market of the republic. According to the candidate for membership in the Central Bank Council, there is a market floating mechanism of formation of the dram exchange rate against other currency units. The Central Bank intervenes only if real risks arise for exchange rate and price stability. According to him, there has recently been a slight devaluation of the dram, and after some intervention by the Central Bank, a fairly balanced exchange rate between buying and selling of the national currency has formed on the market today.
It should be noted that according to the financial analytical service ArmInfo, a noticeable devaluation of the dram began to be observed in the retail currency market of Armenia in the second decade of October, when the situation on the Karabakh front acquired particular uncertainty. Then the exchange rate came close to the mark of 500 AMD / $ 1, and by November 23 it had already reached 507 AMD / $ 1, continuing to weaken more pronouncedly, having jumped to the average mark of 516 AMD / $ 1 by November 24, to 612 AMD / 1 euro and to 6.9 dr / 1 ruble. However, with the announcement by the Central Bank of its intention to intervene in the foreign exchange market, a slow strengthening of the dram has already been outlined since November 26, and by December 1, the dram strengthened against the dollar to 507 AMD / $ 1 on average, against the euro - up to 607 AMD / 1 euro, and against the ruble - up to 6.7 dr / 1 ruble.
