YEREVAN, December 19. / ARKA /. None of 21 Armenian banks has submitted a bid today for purchase of hard currency auctioned by the Central Bank. The banks did not submit bids on December 18 either.
The last time the regulator sold $4 million to local banks was on December 17 when the buying price was set at 570.58 drams per one US Dollar.
The Armenian dram has strengthened against the U.S. dollar by 32.43 points on Friday from the previous day after weeks of depreciation to 464.57 drams per one US dollar. The dram has also strengthened against the euro by almost 42 points to 570.17 drams.
Earlier the central bank raised the Lombard repo rate from 10.25% to 21% and began selling fixed amount of hard currency to local banks in a bid to stabilize the situation in the financial market.
Last week the regulator was selling $6 million a day having cut the amount to $4 million for this week.
This has resulted in stabilization in the market with Armenian dram showing signs of recovery.-0-
