YEREVAN, December 22. / ARKA /. According to the December issue of “CIS Macro-monitor” of the Research Department of the Eurasian Development Bank (EDB), the behavior of Armenia’s national currency, dram, continues to depend largely on the situation in international markets, including the behavior of the Russian ruble, and on what kind of a monetary policy the Central Bank of Armenia will pursue.
The study says that the deterioration of the balance of payments in October and November 2014 against the background of high level of short-term payments on foreign liabilities contributed to reduction of Armenia’s international reserves by $133.3 million in one month to $1.53 billion in late November, as well as to formation of pressure on the dram.
“In this context, the strengthening of the dollar against the euro and the currencies of many emerging markets as well as the devaluation of the ruble further increased the pressure on Armenia’s national currency”, according to the study.
Armenian dram began losing its value on November 24. On December 17 its official exchange rate fell to record low over the last 10 years to 527.20 drams per one USD. But after the Central Bank and the government took action to stabilize the tension the national currency strengthened against USD to 456.17 drams.-0-
