YEREVAN, October 4. /ARKA/. After setting the floating exchange rate regime the Central Bank of Armenia has not been targeting any level of the exchange rate, monitoring instead the situation in the currency market on a daily basis being ready in case of a serious failure to intervene with its tools, the regulator’s press service told ARKA news agency in response to a question about the causes of the exchange rate behavior in the last two weeks and how it may affect the Armenian market.
“Armenia has a floating exchange rate regime. Changes in the exchange rate are conditioned by changes in supply and demand in the market,” the Central Bank said.
Since September 19, when Azerbaijan attacked Nagorno-Karabakh, the Armenian dram has been losing value against USD. On October 2, the US dollar surged by almost 9 drams to 400 drams and grew further the following days to 413.45 drams. Today the USD is trading from 435-450 drams
According to the website of the regulator, on October 3 the volume of purchases in the currency market exceeded 19 billion drams. The exchange rate of US dollar was 407.56 dram , that of the euro – 425.37 drams, and that of the Russian ruble – 4.13 drams, while the volume of sales amounted to 31.2 billion drams at the exchange rate of 419.33 drams, 442.53 drams and 4.30 drams respectively.-0-
