YEREVAN, December 10. /ARKA/. The Central Bank of Armenia sold $6 million today at the forex market at 460.69 drams, on average, the regulator’s press office reports.
The central bank, in accordance with its new approach, will sell currency through auctions every day in limited amounts announced ahead of the trading.
To lessen the regulator’s influence on the exchange rate the amounts will be gradually reduced until the national currency stabilizes.
The regulator says it has shifted to a new policy in a bid to take control over the situation at the forex market, to tame volatility and to restore balance here.
Arthur Javadyan, head of the central bank, said yesterday that the regulator will return to the stock exchange after things in the forex market stabilize.
On Wednesday, the U.S. dollar gained another 2.23 percent against the Armenian national currency and traded at 457.31 drams at Armenia’s forex market.
The fever at Armenia’s forex market began on November 24, when the dollar surged 16.6 points against the dram hitting its record high in the last eight years and traded at 435 drams at Armenia’s forex market. –0–
