ArmInfo. During the year, there has been a significant appreciation of the ruble, indicating changes in the exchange rate of the Armenian dram / Russian ruble, as noted by the Chairman of the Central Bank of Armenia, Martin Galstyan, during a press conference on June 10. He also noted that inflation in Russia remains higher than in Armenia. "Due to these two factors, we see that the Armenian dram has weakened against the Russian ruble, and Russia is our main trading partner," he noted.
According to the head of the Central Bank, a similar situation is observed in the context of the euro, which is a result of geopolitical events. Galstyan pointed out that a certain amount of capital, presumably from the United States, has been sent to the Eurozone, the second most developed financial market.
"And in these conditions, the seemingly stable level of the nominal Armenian dram against the US dollar does not tell the whole story. From the perspective of the real effective exchange rate, the Armenian dram has devalued, providing opportunities for our exporters," he said.
Regarding the balancing of supply and demand, after the fact, the market becomes one-sided, as Galstyan noted. "And in these conditions, we see that the demand for currency is lower than the supply, that is, from an exchange rate standpoint, there is some downward pressure on prices," the Chairman of the Central Bank emphasized.
