{"id":83232,"date":"2014-12-25T16:06:31","date_gmt":"2014-12-25T16:06:31","guid":{"rendered":"https:\/\/armbanks.am\/2014\/12\/25\/242156\/"},"modified":"2024-12-15T13:15:39","modified_gmt":"2024-12-15T13:15:39","slug":"ex-governor-of-central-bank-says-large-scale-interventions-are-impermissible-with-floating-exchange-rate","status":"publish","type":"post","link":"https:\/\/armbanks.am\/en\/2014\/12\/25\/83232\/","title":{"rendered":"Ex-governor of Central Bank says large-scale interventions are impermissible with floating exchange rate"},"content":{"rendered":"<p><strong>YEREVAN, December 25. \/ ARKA \/.<\/strong> A former head of Armenia\u2019s Central Bank, Bagrat Asatryan, has\u00a0 disapproved today of Central Bank\u2019s decision to respond to depreciation of the national currency throughout late November and December by large-scale interventions \u2018because Armenia had shifted to the floating exchange rate of its currency back in 2009 that appeared to be a salvage for its economy.\u2019<\/p>\n<p>He said Central Bank\u2019s international reserves have slashed this year by $ 714 million and a sizeable amount was sold to prevent the dram from further falling.<\/p>\n<p>&#8220;It was clear from the outset that it was impossible to stop the weakening of the dram which has been losing its value throughout the year. The regulator\u2019s interventions held it back for some time only,\u201d he said.<\/p>\n<p>Armenia\u2019s international reserves stood at $1,537.6 billion in late November, slashing by $714 million from the beginning of the year.<\/p>\n<p>According to the Central Bank, it has sold this year $236.4 million at the local forex and has bought $50.15 million.-0-<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A former head of Armenia\u2019s Central Bank, Bagrat Asatryan, has  disapproved today of Central Bank\u2019s decision to respond to depreciation of the national currency throughout late November and December<\/p>\n","protected":false},"author":1,"featured_media":157156,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","tstyn_error":""},"categories":[9214,9216],"tags":[15865,13210],"class_list":["post-83232","post","type-post","status-publish","format-standard","has-post-thumbnail","category-banks-en-en","category-news","tag-central-bank-2","tag-interventions"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.8 - 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