YEREVAN, September 6. /ARKA/. Armenian forex market has confirmed a dram devaluation tendency, according to the article published in Orakarg newspaper (Agenda).
According to the source, the margin of foreign currency selling/purchasing shows that the Armenian dram continues dropping. Over the last three days dram devalued by 3 drams. As of September 5, the Armenian currency fell by 1 notch.
The margin between selling/purchasing dollar rate is 4-6 drams, that is also pressuring dram. For comparison we can note that “on usual days” this indicator is no higher than 3 drams. Moreover, the transactions at NASDAQ OMX Armenia prove that the tendency of dram devaluation is not speculative. As of 5 September, selling/purchasing transactions totaled in $1.35 million at 412.5 drams per $1.
The process of Armenian dram’s strengthening, since August 8, was seasonal due to tourism. Moreover, as the tendencies of the previous years show, on final 20 days of August private transfers volume increase in Armenia due to the beginning of academic year.
The Central Bank of Armenia bought $7 million during this short period demonstrating that the Armenian market is extra full of dollar currency. Bearing in mind the tendencies of the previous years, we can state that the negative expectations on Armenia’s forex market will not change up to late November, the article forecasts. In December, due to upcoming holiday expenses, the Armenian dram may enhance its position. —0-
