YEREVAN, December 25. / ARKA /. Armenia’s Central Bank has sold today $2 million to commercial banks at the average weighted exchange rate of 459.29 drams per one US Dollar.
The Central Bank began selling fixed amount of hard currency to local banks on December 8. The amount for the first week was $6 million that was cut to $4 million in the following week and to $2 million for this week.
The regulator said it will be doing so until the end of the year to stabilize the tension in the financial market that was triggered by a dramatic drop in dram’s value against USD and euro throughout December.
Today the average market exchange rate of USD against dram fell by 1.58 points from December 24 to 459.03 drams.-0 –
