YEREVAN, April 22. / ARKA /. Seven Armenian banks earned last year 14.8 billion drams in net profits from foreign currency trading, according to a report of the Central Bank of Armenia report on financial stability in 2013.
The report says that the other 15 banks posted 447 million drams in losses ‘because of exchange rates fluctuations.’
According to the report, in 2013 the average value of the USD totaled 409.6 drams. Armenia’s currency lost last year 1.9 percent against the greenback year-on-year. The national currency lost also 5.1 percent against the euro (one euro’s average cost was 544.1 drams) and gained 0.5 percent against the Russian ruble (12.9 drams).
At the same time, the average weighted nominal and effective exchange rate of the dram depreciated by 0.5 % when compared to the previous year, while its real effective exchange rate appreciated by 1.6%.
There are 21 commercial banks in Armenia and the pan-Armenian Bank. ($ 1 – 414.06 drams).
