Drop in USD value at Stock Exchange did not prevent its market growth

Capital market
YEREVAN, May 16. /ARKA/. The average exchange rate of U.S. dollar at NASDAQ OMX Armenia stock exchange has dropped by 0.54 drams today to 396.99 drams, while the average rate at the foreign exchange market has grown from yesterday’s rate by 1.14 pp to 396.99 drams.
In response to a question from ARKA why the Central Bank raised the rate against the backdrop of lowering rate at the stock exchange, an analyst from FOREX CLUB Mikael Verdyan said that the Central Bank’s rate was only a settlement rate reflecting the situation in banks and currency exchange offices.
Verdyan suggested that the dollar’s decline at the Stock Exchange was also due to the intervention of the Central Bank, which may continue and impact the average rate, which would slow down and fall.
He predicted that the exchange rate of the dollar this week will not hit 400 drams. M.M. -0-

YEREVAN, May 16. /ARKA/. The average exchange rate of U.S. dollar at NASDAQ OMX Armenia stock exchange has dropped by 0.54 drams today to 396.99 drams, while the average rate at the foreign exchange market has grown from yesterday’s rate by 1.14 pp to 396.99 drams.

In response to a question from ARKA why the Central Bank raised the rate against the backdrop of lowering rate at the stock exchange, an analyst from FOREX CLUB Mikael Verdyan said that the Central Bank’s rate was only a settlement rate reflecting the situation in banks and currency exchange offices.

Verdyan suggested that the dollar’s decline at the Stock Exchange was also due to the intervention of the Central Bank, which may continue and impact the average rate, which would slow down and fall.

He predicted that the exchange rate of the dollar this week will not hit 400 drams. -0-

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