YEREVAN, December 9. /ARKA/. The main thing is to avoid panic, economist and founder of the School of Banking Management Ashot Osipyan told reporters on Wednesday, when commenting on the devaluation of the national currency, the dram, against US dollar and Euro.
Speaking at a video conference organized by the Club of Economic Journalists, Osipyan said similar processes were taking in all post-Soviet countries. ‘You just need to be careful so that negative expectations that affect the exchange rate do not turn into panic,” said Osipyan.
He praised the Central Bank for prompt interventions and calming down the market, showing that it is there and is ready to monitor the situation. According to him, this was an important impetus for the market, resulting in positive adjustments.
“There is pressure on the Armenian dram that will continue throughout 2021, but today the balance sheet and reserves of the Central Bank have all the possibilities to resolve the most negative expectations,” Osipyan said.
He noted that if negative expectations stop and the country comes out of the political cataclysm, then the pressure on the exchange rate will drop, and the foreign exchange market will stabilize.
The average market exchange rate of the US dollar against the Armenian dram has grown today by another 1.35 drams from December 8 to 515.48 drams.
The exchange rate of the Armenian currency overcame the psychological barrier of 500 drams on November 19, when one USD traded at 500.82 drams. -0-
