Today at noon Armenian banks and currency exchange points drastically increased the US dollar price. Before that, the RA Central Bank had announced about a transition to floating exchange rate.

By 12:30 at HSBC, dollar was being purchased at 320 dram and sold at 380 dram. At Converse Bank dollar was being sold at 400 dram. At exchange shops dollar was being sold at 380-400 dram.

The Central Bank has disseminated a statement, mentioning the following,

“During the session on March 3, 2009, taking into account the ongoing worsening terms of trade and slow pace of the increase of capital inflows in the present stage of the world financial and economic crisis, the board of Central Bank decided to restrict the interference of CB into the foreign currency market, returning to floating exchange rate policy. It will allow the exchange rate to be established in conformity to the current macroeconomic fundamentals, which will significantly improve the external competitiveness of the country, promoting the process of launching new jobs.

Based on the assessments of the Central Bank, based on several models and methods that are famous in academic circles, used by the central banks of other countries and localized for Armenia, it is expected the dram to average 360-380 to dollar.”

See also

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