YEREVAN, April 15. /ARKA/. Armenia’s Central Bank intervenes in the local foreign exchange market only in extreme cases in order to mitigate potential serious fluctuations, said Andranik Grigoryan, head of the Central Bank’s Financial Stability Department.
“We have always said that we adhere to the floating exchange rate. The Central Bank intervenes in the foreign exchange market only in extreme cases to mitigate potential serious fluctuations. And the latter cases are not an exception either- the Central Bank intervened in the market solely to mitigate and help avoid strong fluctuations,” he said to a news conference today.
“We have always advised and continue to advise – there is no need to form different expectations due to short-term fluctuations. Now we just need to believe in the Armenian dram and believe in our policy,” he stressed.
He added that the country’s financial market is returning to normal, natural processes.
“We should not succumb to critical, sharp fluctuations. Our appeal remains unchanged: our currency is dram, and we must believe in and work with the dram,” he said.
Armenian Prime Minister Nikol Pashinyan said on April 13 that the Central Bank bought $ 8.1 million in the foreign exchange market, saying it was evidence of the financial market’s trust in his government’s anti-crisis policy.
According to the Central Bank of Armenia, on the last day of March, the market exchange rate of US dollar against Armenian dram rose to over 500 drams, however, in a couple of days it began to decline again falling to 486.12 drams on April 15… -0-
