YEREVAN, September 24. /ARKA/. The Armenian dram was relatively stable against the U.S. dollar and the Russian ruble in the period from June to August, according to the World Bank’s “Armenia Monthly Economic Update – September 2024”.
It is noted that compared to 2023, the dram to US dollar exchange rate was only 0.5% weaker at the end of August (y/y), while the dram to Russian ruble exchange rate depreciated by 6.2% (y/y).
“In the second quarter of 2024, the Central Bank of Armenia acquired $256.5 million to smooth out exchange rate fluctuations. International reserves continued to grow, increasing by $260 million in July-August to $3.6 billion (equivalent to 3 months of import coverage), but still 13% below the reserves at the end of July 2023,” the study says.
According to the National Statistical Committee, in August 2024, compared to July of the same year, the settlement rate of the Armenian dram against the US dollar remained unchanged, and compared to December of last year, it decreased by 4.1%.
In August, the average settlement rate of the Armenian dram to the US dollar was 388.1 drams, which is 0.5% higher than the same indicator in August 2023 (386.2 drams). -0-
