YEREVAN, March 18, /ARKA/. Arsen Sarkisian, the chief dealer of Cascade Bank, predicted today a further depreciation of the national currency to 420 Drams per one USD. On March 17 Dram lost 4.19 points from the day before and was traded at 400.10 per one US Dollar.
According to Mr. Sarkisian, it is, however, difficult to make a concrete prediction, because a lot depends on the market and objective factors, including what the Central Bank may do to stop the depreciation.
He, noted, that there are some suppositions that the depreciation will not go beyond 420 Drams
Commenting on reports that some commercial banks refuse to sell US Dollars, he said it is due to the fact that the banks do not manage to buy as much US Dollars as the demand is. He added that one should have in mind also that people rush to buy foreign currency when Dram begins to lose value, which leads to speculations at the market forcing the banks to impose some restrictions.
Arsen Sarkisan added that the depreciating Dram will have a positive impact on the economy to spur exports, but it also affects individuals because the process leads to rise of commodities prices. -0-
