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DOLLAR CAN BE BOUGHT FOR 399 DRAMS
ArmRadio.am
09.08.2006 15:30
The appreciation of the Armenian dram gathered a new speed
recently. On August 9, the dollar's exchange rate fell below 400
drams: a US dollar can be bought for 398 drams. The exchange rates
of the Russian ruble and the euro are also declining: up to 14.5 and
512 drams respectively. The current dram/dollar exhange rate is an
unprecedented one for the past 12 months.
The price of a US dollar made about 400 drams in November 1994 and
October 1995. It was the first relatively stable exchange rate of the
Armenian currency following the dram's rapid decline about six months
after its being put in circulation. At the moment of its putting in
circulation (November 1993), the dram's exchange rate was set at 14
drams against one dollar, which was excessively high as was later
revealed, NT reported.
>From mid 1994, the Armenian dram depreciated against the US dollar
(with some deviations from this tendency). The tendency changed in the
first months of 2004 when the dram started strengthening slowly. The
highest price of the dollar (about 590 drams) was registered in
February-March 2004.
ArmRadio.am
09.08.2006 15:30
The appreciation of the Armenian dram gathered a new speed
recently. On August 9, the dollar's exchange rate fell below 400
drams: a US dollar can be bought for 398 drams. The exchange rates
of the Russian ruble and the euro are also declining: up to 14.5 and
512 drams respectively. The current dram/dollar exhange rate is an
unprecedented one for the past 12 months.
The price of a US dollar made about 400 drams in November 1994 and
October 1995. It was the first relatively stable exchange rate of the
Armenian currency following the dram's rapid decline about six months
after its being put in circulation. At the moment of its putting in
circulation (November 1993), the dram's exchange rate was set at 14
drams against one dollar, which was excessively high as was later
revealed, NT reported.
>From mid 1994, the Armenian dram depreciated against the US dollar
(with some deviations from this tendency). The tendency changed in the
first months of 2004 when the dram started strengthening slowly. The
highest price of the dollar (about 590 drams) was registered in
February-March 2004.