YEREVAN, June 19, /ARKA/. Since April 2019, Armenia’s Central Bank has acquired $140 million in the local foreign exchange market, Central Bank head Arthur Javadyan said in the parliament today.
He said this year the regulator’s intervention was in one direction- not to allow the national currency dram to get stronger too much, which would have negative consequences for exporters.
He called this figure unprecedented, because the Central Bank began buying foreign currency in April, which had nothing to do with seasonality or with other factors.
According to him, the main factor was the large supply of foreign currency because of a sharp growth of tourism, and in money transfers by individuals and legal entities.
According to the Central Bank, in April 2019, the Central Bank bought $56.6 million in the foreign exchange market at the rate of 482.85 drams per one USD. According to the National Statistical Committee, the average dollar exchange rate against the dram in January 2019 was 485.79 drams, in February – 488.41 drams, in March – 487.23 drams and in April – 484.29 drams. ($ 1 – AMD 477.78). –0–
