YEREVAN, January 13. /ARKA/. Armenia’s Central Bank said today it is going to intervene in the foreign exchange market to ensure the steady functioning of the country’s financial markets.
“The Central Bank continues monitoring of financial markets and, if necessary, will apply all available tools to guarantee price levels and financial stability,” the regulator said in a statement.
In late 2020 , several psychological barriers were broken in the Armenian foreign exchange market. In particular, the dollar exchange rate exceeded the level of 500 drams, amounting to 500.82 drams on November 19, 2020.
The value of the American currency continued to grow, breaking the mark of 525.09 drams in mid-December 2020.
The Central Bank at the end of 2020 made interventions in the foreign exchange market in the amount of $60 million and planned new ones.
Moreover, the interventions were made within two days after their announcement. For the first time, before the action, the Central Bank announced a planned operation, setting a new level of transparency.
The average market exchange rate of the US dollar against the Armenian dram grew by 1.68 drams on January 12 from the previous day to 525.44 drams. –0–
