Sat, 25 October
19.1 C
Yerevan
USD: 383.05 RUB: 4.73 EUR: 444.80 GEL: 141.19 GBP: 510.03

Armenian daily accuses Central Bank of returning to fixed exchange rate of currency

YEREVAN, January 11. / ARKA /. An Armenian pro-opposition daily Haykakan Zhamanak (Armenian Time) says in its today issue that Armenia’s Central Bank is trying to go back to a fixed exchange rate of the country’s national currency, the Dram, against US Dollar. To substantiate its claims the daily says the Central Bank moved quickly to sell about $1o million at the stock exchange January 10 in an effort to preserve the rate at 364 Drams per one USD.

The daily also quotes its sources as saying that the Central Bank hopes remittances from Russia and some other countries will increase this year to allow to meet the demand for US Dollar. The daily accuses the Central Bank of repeating the same mistake it committed in 2008 by selling hundreds of millions of US Dollar to keep the exchange rate at 305 Drams, but eventually had to reverse to floating exchange rate in 2009 March that triggered a market collapse. The daily is concerned that a similar situation may repeat this time as well. -0-

spot_img

POPULAR

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Ranking of the most profitable banks in Armenia based on results of second quarter of 2025

ARKA news agency publishes the ranking of the most profitable commercial banks in Armenia based on the results of the second quarter of 2025.

The UAE instead of Europe : why Armenia needs to change its approach to crypto regulation – EXCLUSIVE

The Armenian Forum on Cryptocurrency Assets, organized by the Cilicia Business Club, was recently conducted in Yerevan.

Moody’s upgrades Converse Bank’s ratings

Moody's Ratings has upgraded Converse Bank CJSC's long-term local and foreign currency bank deposit ratings to Ba3 from B1, aligning the Bank’s rating with Armenia’s sovereign rating.

LATEST NEWS

spot_imgspot_imgspot_img