YEREVAN, December 8. /ARKA/. From December 8 till the end of this year, the Central Bank of Armenia (CBA) will be applying a new forex sale strategy, says the regulator’s statement.
A preliminarily defined amount of foreign currency will be sold every day, all through auctions, according to the report.
The bank had to resort to this policy to settle the current forex market situation, to tame currency rate fluctuations and restore the balance in the market, says the report.
The central bank will report on the outcome on a daily basis to ensure transparency of the auctions.
In order to reduce its influence on the dram rate, the central bank will be stage-by-stage cutting the size of its daily interventions before a balanced dram rate is formed, says the report.
Armenian dram hit an eight-year record high after November 24, having jumped by 16.6 points to 435drams per $1. The dram versus dollar rate was 442.33 on December 2 and surged by another 4.03 points to 447.86 drams by the end of last week. –0–
