YEREVAN, May 12. /ARKA/. The Central Bank of Armenia vows to leave no stone unturned to retain stability at forex market, Arthur Javadyan, chairman of the central bank, said on Thursday while presenting its 2011 monetary policy implementation report to lawmakers.
He said that the regulator started pursuing the floating foreign exchange rate policy in 1996 in an effort to tame fluctuations at foreign exchange market.
“Our interference is inevitable in the event of fluctuations in both directions,” he said. “We’ll try to do whatever necessary to shield the forex from shocks.”
The intensive inflow of money transfers from the outside creates certain environment for revaluation of the national currency.
According to the central bank’s data, $326.7 million were transferred to individuals in Armenia in Jan-March 2011 (24.9% year-on-year growth).-0-
