YEREVAN, August 16. /ARKA/. According to the base scenario forecast of the Eurasian Development Bank (EDB), the nominal exchange rate of the Armenian currency against the USD will be close to AMD 397 at the end of 2023.
According to EDB’s latest Macroeconomic Review for August 2023, the forecast is slightly weaker than the current level, but still significantly lower compared to the beginning of 2022, when the greenback traded at 482 drams.
According to EDB analysts, the dram will weaken due to a set of factors, such as gradual adjustment of external demand (outflow of part of foreign nationals who moved earlier to Armenia, end of the peak of tourist season, stabilization of exports, growth of imports, as well as an increase in demand for mineral goods [natural gas] in the cold season).
“In the medium term, the dram will weaken against the US dollar in nominal terms, but the exchange rate will be below the levels of late 2021-early 2022 due to the increasing productivity of the Armenian economy,’ according to the Review -0-
