Armenian dram devaluation is mainly based on psychological factor – MP

YEREVAN, November 27. /ARKA/. The devaluation of the dram observed in Armenia in recent days is mainly based on a psychological factor – changes in human expectations and behavior, Babken Tunyan, an MP from the My Step faction and the head of the standing parliamentary committee on economic issues, said on Thursday answering media questions.

He explained that the exchange rate was affected by several factors. Economically things remain unchanged – imports, exports, dollar inflows and remittances from Russia or other countries have not changed significantly.

“There is one problem here – public sentiments, which led to certain behavioral changes. It is also important that at a certain stage they had a chain effect: the expectation of uncertainty usually leads to distrust of their own currency. And in such conditions, people are trying to convert their dramas into dollars. In the process, an artificial shortage of foreign currency, which also leads to a chain reaction,” Tunyan said.

The head of the committee said that the central bank has sufficient resources, funds and tools to regulate the currency exchange, the rate of which has stabilized enough over the past two days.

He also noted that the largest toolkit is in the hands of the society. “If we are calmer in our actions, if we do not panic and spread the panic, the exchange rate will return to its normal position,” the MP said.

The average market rate of the US dollar against the Armenian dram, formed in the Armenian foreign exchange market on November 26, as compared with the indicator on November 25, dropped by 3.57 drams to 508.12 drams.

Meanwhile, a week ago, on November 19, the rate of the American currency overcame the psychological barrier of 500 drams and the dollar traded for 500.82 drams per $ 1. The last time such a rate was recorded was in March 2020. –0–

spot_img

POPULAR

Wildberries and Unibank in Armenia Launch Installment Purchase Service

Wildberries, in partnership with Unibank, will provide customers in the Republic of Armenia with the opportunity to purchase goods in installments.

”Teach For Armenia” is the June beneficiary of the ”Power of One Dram”

The May beneficiary of the ''The Power of One Dram'' initiative was the ''Vahe Meliksetyan'' Foundation.

IMF committed to close and long-term cooperation with Armenian authorities – Managing Director

The IMF is committed to close and long-term cooperation with the Armenian authorities, stated IMF Managing Director Kristalina Georgieva in a congratulatory message to Armenian Prime Minister Nikol Pashinyan on his victory in the parliamentary elections.

Central Bank of Armenia should be prepared to adjust interest rates if necessary – IMF

The ongoing economic uncertainty underscores Armenian authorities' need for continuing efforts to build resilience and improve prospects for future growth, the International Monetary Fund (IMF) said in a press release.

Special conditions for business development: ACBA Bank

ACBA Bank has unveiled special business financing offers for the development of small and medium-sized enterprises in Armenia, which are effective until July 31 inclusive.

LATEST NEWS

spot_imgspot_imgspot_img