ArmInfo.The Central Bank of Armenia has applied sanctions against a number of exchange offices for anticompetitive practice, the CBA reports. The sanctions include warnings, fines, and suspension of licences.
The CBA identified the anti-competitive business practice in Armenia's foreign exchange market since October 5, 2021. After conducting inspections, the CBA identified a number of exchange offices that concluded anti-competitive agreements on universal exchange rates thereby violating Armenia's laws. The exchange rates agreed by the offices were available on rate.am, which affected the rates set by other exchange offices.
Since last October, 13% AMD appreciation against the USD has been recorded in Armenia (from AMD 485/$1 on average), 21% appreciation against EUR (from AMD 563/1 EUR on average), with 6% AMD depreciation against RUB (from AMD 6.7/1 RUB on average).
The unprecedented western sanctions imposed on Russia account for the highly volatile market since this March. The first RUB transactions were effected in Armenia's foreign exchange market on March 14.
Specifically, February 24 to June 21, in Armenia's retail market, 19% AMD depreciation against the RUB was recorded, to AMD 7.1/1 RUB on average. Simultaneously, 12% AMD appreciation against the USD was recorded, to AMD 423/$1 and 18% AMD appreciation against EUR, to AMD 445.5/EUR 1
