Tweet
ARMENIA'S CENTRAL BANK RETURNS TO FLOATING EXCHANGE RATE POLICY
ARKA
March 3, 2009
YEREVAN
The Central Bank of Armenia (CBA) has decided to abridge its
interventions in the foreign exchange market, returning to the policy
of the floating exchange rate, said CBA Chairman Arthur Javadyan.
During today's special session, the CBA Board decided to lower the
Central Bank's intervention in the foreign exchange market, in view of
the ongoing aggravation of trade conditions and the global financial
and economic crisis, as well as the slowdown in capital inflow,
Javadyan said.
Guided by several methods and models adapted for Armenia and widely
used by other countries, CBA experts forecast that the "average
weighed U.S. dollar exchange is expected to range from 360 drams to
380 drams per $1," the CBA chairman added.
"This will enable us to form an exchange rate in line with the
macroeconomic basis to be able to boost Armenia's competitiveness
in foreign markets, as well as open new employment opportunities,"
Javadyan was quoted saying.
He stressed that Armenia's banking system is stable, well-capitalized
and that it does not lack liquidity. Local banks are ready to weather
the crisis storm.
On Tuesday morning, before CBA made official statement, the AMD vs. USD
exchange rate ranged from 305 drams to 308 drams per $1 in Yerevan's
exchange offices. The country=E 2s banks have lately limited foreign
currency sales to individuals.
ARKA
March 3, 2009
YEREVAN
The Central Bank of Armenia (CBA) has decided to abridge its
interventions in the foreign exchange market, returning to the policy
of the floating exchange rate, said CBA Chairman Arthur Javadyan.
During today's special session, the CBA Board decided to lower the
Central Bank's intervention in the foreign exchange market, in view of
the ongoing aggravation of trade conditions and the global financial
and economic crisis, as well as the slowdown in capital inflow,
Javadyan said.
Guided by several methods and models adapted for Armenia and widely
used by other countries, CBA experts forecast that the "average
weighed U.S. dollar exchange is expected to range from 360 drams to
380 drams per $1," the CBA chairman added.
"This will enable us to form an exchange rate in line with the
macroeconomic basis to be able to boost Armenia's competitiveness
in foreign markets, as well as open new employment opportunities,"
Javadyan was quoted saying.
He stressed that Armenia's banking system is stable, well-capitalized
and that it does not lack liquidity. Local banks are ready to weather
the crisis storm.
On Tuesday morning, before CBA made official statement, the AMD vs. USD
exchange rate ranged from 305 drams to 308 drams per $1 in Yerevan's
exchange offices. The country=E 2s banks have lately limited foreign
currency sales to individuals.