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ARMENIAN CENTRAL BANK TO SELL FOREX ONLY THROUGH AUCTIONS TILL END OF THE YEAR
YEREVAN, December 8. /ARKA/. From December 8 till the end of this year,
the Central Bank of Armenia (CBA) will be applying a new forex sale
strategy, says the regulator's statement.
A preliminarily defined amount of foreign currency will be sold every
day, all through auctions, according to the report.
The bank had to resort to this policy to settle the current forex
market situation, to tame currency rate fluctuations and restore the
balance in the market, says the report.
The central bank will report on the outcome on a daily basis to ensure
transparency of the auctions.
In order to reduce its influence on the dram rate, the central bank
will be stage-by-stage cutting the size of its daily interventions
before a balanced dram rate is formed, says the report.
Armenian dram hit an eight-year record high after November 24, having
jumped by 16.6 points to 435drams per $1. The dram versus dollar rate
was 442.33 on December 2 and surged by another 4.03 points to 447.86
drams by the end of last week. -0--
http://arka.am/en/news/economy/armenian_central_bank_to_sell_forex_only_through_a uctions_till_end_of_the_year/#sthash.LbbEz8gX.dpuf
YEREVAN, December 8. /ARKA/. From December 8 till the end of this year,
the Central Bank of Armenia (CBA) will be applying a new forex sale
strategy, says the regulator's statement.
A preliminarily defined amount of foreign currency will be sold every
day, all through auctions, according to the report.
The bank had to resort to this policy to settle the current forex
market situation, to tame currency rate fluctuations and restore the
balance in the market, says the report.
The central bank will report on the outcome on a daily basis to ensure
transparency of the auctions.
In order to reduce its influence on the dram rate, the central bank
will be stage-by-stage cutting the size of its daily interventions
before a balanced dram rate is formed, says the report.
Armenian dram hit an eight-year record high after November 24, having
jumped by 16.6 points to 435drams per $1. The dram versus dollar rate
was 442.33 on December 2 and surged by another 4.03 points to 447.86
drams by the end of last week. -0--
http://arka.am/en/news/economy/armenian_central_bank_to_sell_forex_only_through_a uctions_till_end_of_the_year/#sthash.LbbEz8gX.dpuf