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No Armenian Bank Went Bankrupt Despite The Crisis

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  • No Armenian Bank Went Bankrupt Despite The Crisis

    NO ARMENIAN BANK WENT BANKRUPT DESPITE THE CRISIS

    PanARMENIAN.Net
    25.08.2009 14:40 GMT+04:00

    /PanARMENIAN.Net/ To increase trust in national currency, Armenian
    society is required to trust the Government as well as central and
    commercial banks, Union of Armenian Banks Chairman Emil Soghomonyan
    told a PanARMENIAN.Net reporter. "If our population has no trust in
    Armenian Dram, natural persons will very likely make their investments
    in foreign currency," he noted.

    As we know, the national currency devaluation recorded in March
    greatly affected investment policy. Thus, following March 3, CBA
    resumed floating currency rate policy, which caused investors to lose
    trust in Armenian Dram.

    Touching upon international experience in crisis management,
    Soghomonyan noted that many banks had collapsed as a result of global
    recession, while "No Armenian bank went bankrupt, despite suffering
    significant losses".

    The expert does not predict real changes in investment policy and sees
    no prospect for national currency devaluation. So he recommends that
    "population keep its savings in Drams as rates for national currency
    are higher."

    On March 3, 2009, RA Central Bank resumed floating currency rate
    policy. Specialists anticipate dollar exchange rate to remain within
    the boundaries of AMD 360-380. On March 3, 2009 price per 1 US dollar
    soared from AMD 305-308 to AMD 380-400.
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