YEREVAN, April 15, /ARKA/. International Monetary Fund (IMF) Resident Representative to Armenia, Guillermo Tolosa, said today it was extremely difficult to make forecasts about the behavior of Armenia’s national currency, the dram.
Speaking at a news conference he said the IMF believes that the Central Bank of Armenia (CBA) remains faithful to the policy of floating exchange rate demonstrated now by devaluating Dram.
Over the last week the Dram lost several p.p. against USD and is trading now at 376.02 According to some experts, it may devaluate as much as to 380-400 per one USD. According to Tolosa, intervention of the Central Bank in some cases was justified, but he added that ‘the intervention must be in tune with market trends.’
During a March 11 meeting with top government officials in charge of economy president Serzh Sargsyan said revaluation of the Dram was having an adverse effect on economic recovery plans expressing hope that such trends would disappear gradually. -0-
