25/06/2014 11:27
Haykakan Zhamanak: CBA curbs dram’s appreciation
The notable appreciation of the Armenian dram in the past two weeks stopped following the intervention of the Central Bank of Armenia (CBA). Yesterday the opening and closing prices of the dollar on the stock exchange were 407.50 drams and 408.25 drams respectively, according to ‘Haykakan Zhamanak’ daily.
“A big deal of $10 million 400 thousand was conducted. It is noticeable that CBA purchased dollars to stop the dram’s appreciation. About two weeks ago the dollar fluctuated between 412-413 drams. In recent months CBA spent millions to prevent the dollar from exceeding 415 drams, while now the bank began purchasing dollars so that its current value will not decline. There is no official information about reasons for the dram’s sharp revaluation,” the paper writes.