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There are no serious grounds for rise in AMD/USD exchange rate in
Armenia: experts
arminfo
Saturday, May 26, 14:19
Due to the Central Bank's intervention on Friday, the AMD/USD
exchange rate on the retail market rolled back from 411 AMD to 408 AMD
per 1 USD.
Experts believe that the measure might have been much more decisive,
but without it the rate would continue to grow, making things even
worse.
According to NASDAQ OMX Armenia, on Friday the amount of foreign
exchange transactions on the stock exchange totaled $12.860mln, with
the exchange rate being 407.22 AMD/1 USD.
On Thursday the turnover was $300,000, while the exchange rate was 406
AMD/1 USD, but in the evening it was already 409 AMD/1 USD.
>From May 17 till May 22 the market was quiet. Everybody was waiting to
see what would happen on May 22, when the CB was planning to issue
$20mln to prevent speculations. But after a drop to 401.95 AMD, the
rate started climbing again to hit 407.44 AMD on May 24.
Experts believe that the growth might be caused by high USD demand
among importers rather than by some macro-economic factors. One more
reason might be the post-election developments, particularly, the
refusal of Prosperous Armenia to join the Republican Party. But the
most convincing explanation is growing outflow of capital after the
elections: in Q1 2012 the inflow of private money transfers grew by
10.3%, while the outflow by 13.8%, and it was especially high for
Russia, the UAE, China and Turkey.
The growth in the AMD/USD rate started in early May 2012, when the
rate was 392 AMD/1 USD.
Armenia: experts
arminfo
Saturday, May 26, 14:19
Due to the Central Bank's intervention on Friday, the AMD/USD
exchange rate on the retail market rolled back from 411 AMD to 408 AMD
per 1 USD.
Experts believe that the measure might have been much more decisive,
but without it the rate would continue to grow, making things even
worse.
According to NASDAQ OMX Armenia, on Friday the amount of foreign
exchange transactions on the stock exchange totaled $12.860mln, with
the exchange rate being 407.22 AMD/1 USD.
On Thursday the turnover was $300,000, while the exchange rate was 406
AMD/1 USD, but in the evening it was already 409 AMD/1 USD.
>From May 17 till May 22 the market was quiet. Everybody was waiting to
see what would happen on May 22, when the CB was planning to issue
$20mln to prevent speculations. But after a drop to 401.95 AMD, the
rate started climbing again to hit 407.44 AMD on May 24.
Experts believe that the growth might be caused by high USD demand
among importers rather than by some macro-economic factors. One more
reason might be the post-election developments, particularly, the
refusal of Prosperous Armenia to join the Republican Party. But the
most convincing explanation is growing outflow of capital after the
elections: in Q1 2012 the inflow of private money transfers grew by
10.3%, while the outflow by 13.8%, and it was especially high for
Russia, the UAE, China and Turkey.
The growth in the AMD/USD rate started in early May 2012, when the
rate was 392 AMD/1 USD.