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Armenian Government Refutes Press Reports On Changes In AMD Exchange

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  • Armenian Government Refutes Press Reports On Changes In AMD Exchange

    ARMENIAN GOVERNMENT REFUTES PRESS REPORTS ON CHANGES IN AMD EXCHANGE RATE

    ARKA
    Feb 19, 2009

    YEREVAN, February 19. /ARKA/. The RA Government has refuted the
    information on changes in the AMD exchange rate reported by the
    opposition press.

    The RA Government has not issued any warning concerning a rise in the
    AMD exchange rate to the banks operating in Armenia, reported the RA
    Government's press service.

    The opposition press reported that the RA Government and the Central
    Bank of Armenia (CBA) allegedly warned the commercial banks operating
    in Armenia of a rise in the AMD exchange rate in the coming two months.

    In her earlier interview to ARKA, Head of the CBA Public Relations
    Service Zaruhi Barseghyan refuted the reports as well.

    CBA Chairman Artur Javadyan had reported that the CBA remained
    committed to its policy of floating exchange rate, and its priority
    task is to ensure financial stability in the country.

    He also pointed out that all the only purpose of the current
    interventions by the CBA is to ensure financial stability.

    The floating exchange rate policy was launched in Armenia in 1993
    and has been welcomed by international institutions.

    >From 2003 to 2008, 47.3% USD depreciation against the AMD was
    registered in Armenia. January 8 through 29, the USD showed 0.7%
    depreciation against the AMD. Since the beginning of 2008, the US
    dollar has shown some revaluation - 305.94 AMD/$1 late in 20 07
    against 305.22 AMD/$1 on February 18, 2009.
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