Head of the Central Bank of Armenia sees no reason to panic over the depreciation of the dram

YEREVAN, June 5. /ARКА/. In the current situation in Armenia, there is no reason to panic over the depreciation of the dram, says Martin Galstyan, head of the Central Bank of Armenia.

“The Central Bank should neither artificially strengthen nor weaken the exchange rate,” he said on the Rearrange podcast.

Galstyan believes it is best for the exchange rate to be determined by the market, not the Central Bank.

“The exchange rate should be based on supply and demand in the market, and the Central Bank should focus on its job—price stability, not exchange rate stability—because the exchange rate is a tool for ensuring macroeconomic and external balance,” he explained.

According to Armstat, in May 2026, the average settlement exchange rate of the Armenian dram to the US dollar was 368.5 drams, compared to 386.6 drams in May 2025. The 0.8% decline in consumer prices recorded in Armenia in the reporting month compared to April of the same year was accompanied by a 1.5% reduction in the exchange rate of the Armenian dram against the US dollar (the dram strengthened).

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