Wed, 29 October
12.1 C
Yerevan
USD: 382.78 RUB: 4.78 EUR: 446.44 GEL: 140.95 GBP: 509.98

Euro crosses ceiling of 700 drams in Yerevan as dollar hits 560-dram record high

YEREVAN, December 17./ARKA/. The euro crossed the record high of 700 drams at Yerevan’s foreign exchange market today – the European currency is being sold at 680-720 drams and bough at 650-680 drams here.

The official average exchange rate leapt 28.5 percentage points to 614.20 drams per one euro.
The dollar is traded at 550-560 drams and bought at 525-540 drams. Yesterday, the dollar’s official exchange rate surged 18.56 percentage points to 490.34 drams.

Banks reacted to the developments at forex market in their own way trying to keep the situation under their control – some of them limited sales of foreign currencies, some sold them only to their clients and some stopped selling them at all.

Remarkable is that ordinary people shows no signs of panic so far – they don’t line up before foreign exchanges for purchasing currency, as it was in March 2009 after devaluation of the dram.

Fever at the forex market began on November 24, when the U.S. dollar soared 16.6 percentage points against the national currency to 435 drams hitting the record high in the last eight years. The dollar continues its upward motion every day.

To stabilize the situation and curb jobbing at forex market, the Central Bank of Armenia raised Lombard REPO from 10.25% to 21% and started currency interventions via everyday auctions with limited amounts announced beforehand.

The central bank was selling $6 million every day to banks the last week, and this week the regulator cut the amount to $4 million.

Prime Minister Hovik Abrahamyan said today in his statement that the government will remain stuck to its floating exchange rate policy to ward off a long-term instability.

In his words, the current processes at the country’s financial market are mainly due to global and regional developments, which are not free from elements of jobbery.

The premier said that the government supports the central bank’s efforts to stabilize the financial market and is taking every measure to protect interests of Armenia’s citizens and companies. —-0—-

spot_img

POPULAR

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Ranking of the most profitable banks in Armenia based on results of second quarter of 2025

ARKA news agency publishes the ranking of the most profitable commercial banks in Armenia based on the results of the second quarter of 2025.

The UAE instead of Europe : why Armenia needs to change its approach to crypto regulation – EXCLUSIVE

The Armenian Forum on Cryptocurrency Assets, organized by the Cilicia Business Club, was recently conducted in Yerevan.

Moody’s upgrades Converse Bank’s ratings

Moody's Ratings has upgraded Converse Bank CJSC's long-term local and foreign currency bank deposit ratings to Ba3 from B1, aligning the Bank’s rating with Armenia’s sovereign rating.

“We want the word ‘investor’ in Armenia to mean normality, not elitism” – Freedom Broker Armenia

ARKA news agency spoke with Freedom Broker Armenia Director Ovak Ovakimian about the transformation of investment thinking, company strategy and trust as an economic value.

LATEST NEWS

spot_imgspot_imgspot_img