YEREVAN, April 12. /ARKA/. The appreciation of Armenia’s national currency limits the demand for exports of most goods and services, the Eurasian Development Bank (EDB) says in its latest macroeconomic review.
“The Armenian dram strengthened in the first quarter of this year. Compared to the end of 2023, the dram strengthened against the US dollar by 2.8%, against the euro by 5.3% and against the Russian ruble by 5.3% as of the end of March. This was facilitated primarily by the formation of a positive balance of foreign trade in goods in February,” the review says.
EDB analysts also point out that the strengthening of the exchange rate of the dram during February – March , among other things, limited the growth of consumer prices.
According to the National Statistical Committee, in March 2024, the average estimated exchange rate of Armenian dram against the US dollar was 400.4 drams, which is 3.1% higher than in March 2023 (388.4 drams). -0-
