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ON DEC 9 CENTRAL BANK OF ARMENIA SOLD $6 MILLION AT THE EXCHANGE RATE OF 458.31 AMD/1 USD IN COURSE OF INTERVENTION
by Karina Melikyan
Tuesday, December 9, 17:00
On December 9, the Central Bank of Armenia (CBA) sold $6 million to
the participating banks at the average exchange rate of 458.31 AMD/1
USD in the course of intervention in the interbank currency market.
The CBA press service has told ArmInfo that the cut-off price was
457.57 AMD/1 USD.
Currency market experts say that despite the small interventions of
the CBA, the AMD devaluation has slowed down to some extent. However,
to restore the balance in the currency market, not only daily but
also more serious interventions are needed.
According to the CBA's statement dated 8 December 2014, on 8
December, the Central Bank of Armenia launched daily interventions to
restore the balance in the exchange market and the soften currency
fluctuations. The interventions will last till the end of 2014. The
CBA will continue announcing the ceiling of daily sale amounts till
the end of the year to normalize the situation in the exchange market
of Armenia. According to the source, the CB will be publishing foreign
exchange operations to ensure transparency in the financial market of
Armenia. The daily intervention amounts will be reduced gradually until
the national currency exchange rate is balanced. The goal is to reduce
the CB's influence on formation of the national currency exchange rate.
On December 9, in the retail market of Armenia the AMD/USD exchange
rate exceeded 461 AMD/1USD with over13% devaluation for the last
2.5 months. As of 4:40 pm, the exchange rates at swap bodies were as
follows: 460/463 AMD/1 USD, 564/570 AMD/1 EUR, 8.45/8.50 AMD/1 RUR.
The optimal rates at the banks of Armenia were as follows: USD was
purchased for 456 AMD (ceiling), EUR - 561 AMD, RUR - 8.42 AMD. The
lowest rates of sale were as follows: 458 AMD/1 USD, 569 AMD/1 EUR,
8.54 AMD/1 RUR. At NASDAQ OMX Armenia, from June through December
9, foreign exchange operations amounted to $396.5 million drams
with the exchange rating growing from 407.14 - 438.62 AMD/1 USD. No
transactions were registered after December 1. The transactions in
November alone totaled nearly $117 million drams. Last week (1-5
Dec), interbank market of foreign exchange operations registered a
record-breaking indicator - $59.3 million, which resulted in a 442.42
AMD/1USD exchange rate. In this light, the stock exchange started
the week with transactions in the amount of $3.5 million (1 Dec)
with no deals for the following days.
http://www.arminfo.am/index.cfm?objectid=C133A540-7FAB-11E4-877A0EB7C0D21663
by Karina Melikyan
Tuesday, December 9, 17:00
On December 9, the Central Bank of Armenia (CBA) sold $6 million to
the participating banks at the average exchange rate of 458.31 AMD/1
USD in the course of intervention in the interbank currency market.
The CBA press service has told ArmInfo that the cut-off price was
457.57 AMD/1 USD.
Currency market experts say that despite the small interventions of
the CBA, the AMD devaluation has slowed down to some extent. However,
to restore the balance in the currency market, not only daily but
also more serious interventions are needed.
According to the CBA's statement dated 8 December 2014, on 8
December, the Central Bank of Armenia launched daily interventions to
restore the balance in the exchange market and the soften currency
fluctuations. The interventions will last till the end of 2014. The
CBA will continue announcing the ceiling of daily sale amounts till
the end of the year to normalize the situation in the exchange market
of Armenia. According to the source, the CB will be publishing foreign
exchange operations to ensure transparency in the financial market of
Armenia. The daily intervention amounts will be reduced gradually until
the national currency exchange rate is balanced. The goal is to reduce
the CB's influence on formation of the national currency exchange rate.
On December 9, in the retail market of Armenia the AMD/USD exchange
rate exceeded 461 AMD/1USD with over13% devaluation for the last
2.5 months. As of 4:40 pm, the exchange rates at swap bodies were as
follows: 460/463 AMD/1 USD, 564/570 AMD/1 EUR, 8.45/8.50 AMD/1 RUR.
The optimal rates at the banks of Armenia were as follows: USD was
purchased for 456 AMD (ceiling), EUR - 561 AMD, RUR - 8.42 AMD. The
lowest rates of sale were as follows: 458 AMD/1 USD, 569 AMD/1 EUR,
8.54 AMD/1 RUR. At NASDAQ OMX Armenia, from June through December
9, foreign exchange operations amounted to $396.5 million drams
with the exchange rating growing from 407.14 - 438.62 AMD/1 USD. No
transactions were registered after December 1. The transactions in
November alone totaled nearly $117 million drams. Last week (1-5
Dec), interbank market of foreign exchange operations registered a
record-breaking indicator - $59.3 million, which resulted in a 442.42
AMD/1USD exchange rate. In this light, the stock exchange started
the week with transactions in the amount of $3.5 million (1 Dec)
with no deals for the following days.
http://www.arminfo.am/index.cfm?objectid=C133A540-7FAB-11E4-877A0EB7C0D21663