YEREVAN, 14 June. /ARKA/. On 13 June, $1.1 million worth of currency was converted on the currency trading platform of the Armenian Securities Exchange (AMX) for the first time in almost 10 years, the press service of the exchange reported.
The currency platform, functioning since 2 May, makes the value of dram against foreign currencies more visible and marketable. Transactions on the platform are exclusively pre-deposited and anonymised, which ensures currency risk management.
After launching the platform, AMX CEO Hayk Yeganyan held meetings with representatives of Armenian banks and investment companies and spoke about the prospects and technical capabilities of the platform.
“The foreign exchange market plays a crucial role in the money market, facilitating international transactions and investments, influencing monetary policy and providing a mechanism for currency risk management. Foreign exchange market activity leads to the development of business at home and abroad. It is a tool for stabilising the state’s monetary policy and managing currency risk by maintaining the stability of its own currency,” AMX said in a statement.
One of the important functions of the foreign exchange market is to provide liquidity and price discovery. If the foreign exchange market is highly liquid and currency prices reflect real-time supply and demand conditions, it helps businesses and investors make informed decisions based on accurate currency valuations.
The previous currency transaction on AMX was recorded in 2016.
AMX is the only stock exchange in Armenia, and the sole shareholder of the Central Depository of Armenia. -0-
