YEREVAN, November 25. /АРКА/. The Central Bank of Armenia sees no major threats to the country’s financial stability in connection with the adjustment of the national currency’s exchange rate, Armenak Darbinyan, a member of the central bank’s board, said Tuesday at a briefing.
The U.S. dollar leapt 16.6 percentage points against the Armenian dram on Tuesday, compared with Friday, and traded at 435 drams, on average, at Armenia’s forex market reaching its record high in the last eight years.
«We see no major risks to financial stability, and our stress tests show that the adjustment carry no major risks to financial stability,» Darbinyan said.
In his words, international reserves should be equal to the three-month exports, and now they are not equal to them, but even exceed them a great deal.
The member of the regulator’s board also said that the central bank’s international reserves are sufficient to ensure stability to the national currency and no risks are seen here.
«The Central Bank is ready to ensure stability to the market,» he said. «I want to assure you that things are under our control and we are taking every step to ward off jobbery at the market and maintain stability here.»
Armenia’s gross international reserves totaled about $1 663.3 million in late September after shrinking 6.7% over the third quarter.
The regulator says in its study «Adequacy of Armenia’s International Reserves» that the country’s international reserves are more than sufficient and meet all adequacy criteria. –0–
